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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

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
Operations
Investing
Investment
Accounts
Part
Never
Mingle
Thinking
Speculative
Account

More quotes by Benjamin Graham

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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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Always buy your straw hats in the Winter
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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's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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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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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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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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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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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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The essence of investment management is the management of risks, not the management of returns.
Benjamin Graham