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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
Investing
Market
Behavior
Greater
Opportunity
Business
Sillier
Like
Investor
Investors
More quotes by Benjamin Graham
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Benjamin Graham
The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Benjamin Graham
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
Benjamin Graham
In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
Benjamin Graham
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.
Benjamin Graham
The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
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.
Benjamin Graham
High valuations entail high risks.
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At heart, uncertainty and investing are synonyms.
Benjamin Graham
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
Benjamin Graham
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
Benjamin Graham
The investor's chief problem - and even his worst enemy - is likely to be himself.
Benjamin Graham
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.
Benjamin Graham
An investor calculates what a stock is worth, based on the value of its businesses.
Benjamin Graham
Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
Benjamin Graham
It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
Benjamin Graham
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
