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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

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
Less
Keep
Investing
People
Thousands
Tried
Trade
Evidence
Clear

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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 values today are often found in the stocks that were once hot and have since gone cold.
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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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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 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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Abnormally good or abnormally bad conditions do not last forever.
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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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At heart, uncertainty and investing are synonyms.
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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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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Do not let anyone else run your business
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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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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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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 investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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It is absurd to think that the general public can ever make money out of market forecasts.
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