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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

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
Beauty
Base
Simple
Standard
Force
Objectives
Investing
Forces
Decisions
Standards
Periodic
Decision
Objective

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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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 defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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The essence of investment management is the management of risks, not the management of returns.
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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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Stocks can be dynamite.
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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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The only thing you should do with pro forma earnings is ignore them.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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 investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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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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