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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
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.
Benjamin Graham
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin Graham
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
Benjamin Graham
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Benjamin Graham
Do not let anyone else run your business
Benjamin Graham
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Benjamin Graham
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
Benjamin Graham
Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
Benjamin Graham
The essence of investment management is the management of risks, not the management of returns.
Benjamin Graham
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.
Benjamin Graham
Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
Benjamin Graham
When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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
Benjamin Graham
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.
Benjamin Graham
Why should the cotton growers suffer if there is shortage of wheat?
Benjamin Graham
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.
Benjamin Graham
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.
Benjamin Graham
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin Graham
Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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.
Benjamin Graham