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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
Investment
Accounts
Part
Never
Mingle
Thinking
Speculative
Account
Operations
Investing

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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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At heart, uncertainty and investing are synonyms.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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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 best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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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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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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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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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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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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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