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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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
Effort
Aim
Defensive
Freedom
Decisions
Losses
Making
Mistakes
Emphasis
Place
Loss
Passive
Need
Second
Investors
Annoyance
Needs
Serious
Chief
Investor
Mistake
Chiefs
Avoidance
Decision
Investing
Frequent
More quotes by Benjamin Graham
There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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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.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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The only thing you should do with pro forma earnings is ignore them.
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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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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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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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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
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Diversification is an established tenet of conservative investment.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
Benjamin Graham
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham
