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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
Part
Never
Mingle
Thinking
Speculative
Account
Operations
Investing
Investment
Accounts

More quotes by Benjamin Graham

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Both individual skill (art) and chance are important factors in determining success or failure.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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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.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The essence of investment management is the management of risks, not the management of returns.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
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The best values today are often found in the stocks that were once hot and have since gone cold.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
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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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