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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

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
Littles
Groups
Criterion
Little
Industry
Stocks
Thing
Company
Criteria
Trying
Attention
Regardless
Work
Lasts
Investing
Years
Last
Group
Simple
Meet
Emphasizing
Individual
Approach
Undervalued

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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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An investor calculates what a stock is worth, based on the value of its businesses.
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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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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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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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Why should the cotton growers suffer if there is shortage of wheat?
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