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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.

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
Concern
Cause
Disappearance
Causes
Stocks
Common
Speculation
Always
Distinction
Investing
Useful
Investment

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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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The essence of investment management is the management of risks, not the management of returns.
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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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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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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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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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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.
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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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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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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