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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
Never
Mingle
Thinking
Speculative
Account
Operations
Investing
Investment
Accounts
Part

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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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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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Diversification is an established tenet of conservative investment.
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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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Do not let anyone else run your business
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Stocks can be dynamite.
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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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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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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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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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Successful investing is about managing risk, not avoiding it.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
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