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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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
Money
Waste
Buying
Sums
Trying
Judgment
Investing
Beginners
Value
Test
Initially
Security
Beat
Urge
Study
Price
Versus
Effort
Tests
Urges
Possible
Beats
Smallest
Values
Market
Efforts
Beginner
More quotes by Benjamin Graham
Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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At heart, uncertainty and investing are synonyms.
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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
Benjamin Graham
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham
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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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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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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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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Do not let anyone else run your business
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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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Good managements produce a good average market price, and bad managements produce bad market prices.
Benjamin Graham
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.
Benjamin Graham
If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham
