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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

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
Opposites
Satisfaction
Investor
Exactly
Investors
Intelligent
Crowd
Gets
Operations
Thought
Investing
Crowds
Opposite

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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Successful investing is about managing risk, not avoiding 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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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Why should the cotton growers suffer if there is shortage of wheat?
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Do not let anyone else run your business
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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