Quote

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

Benjamin Graham

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Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Sound
Ingredients
Important
Stock
Proper
Price
Fully
Judgment
Information
Ingredient
Knowledge
Arriving

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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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You must never delude yourself into thinking that you're investing when you're speculating.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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