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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

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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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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
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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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At heart, uncertainty and investing are synonyms.
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Do not let anyone else run your business
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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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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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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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Abnormally good or abnormally bad conditions do not last forever.
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The essence of investment management is the management of risks, not the management of returns.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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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 loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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Successful investing is about managing risk, not avoiding it.
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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 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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