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The sillier the market's behavior, the greater the opportunity for the business like investor.

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
Greater
Opportunity
Business
Sillier
Like
Investor
Investors
Investing
Market
Behavior

More quotes by Benjamin Graham

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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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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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The essence of investment management is the management of risks, not the management of returns.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
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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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It is absurd to think that the general public can ever make money out of market forecasts.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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