Quote

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

Benjamin Graham

Change background

T
T
T

Change font

TAGS & TOPICS

Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Timing
Financial
Markets
Blind
Investors
Emotional
Practicals
Forever
Practical
Legally
Investing
Foresight
Thus
Hindsight
Impossibility
Market

More quotes by Benjamin Graham

Image
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
Image
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
Benjamin Graham
Image
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham
Image
The investor's chief problem - and even his worst enemy - is likely to be himself.
Benjamin Graham
Image
Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
Benjamin Graham
Image
Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham
Image
It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
Benjamin Graham
Image
There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
Image
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
Image
At heart, uncertainty and investing are synonyms.
Benjamin Graham
Image
Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
Benjamin Graham
Image
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.
Benjamin Graham
Image
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
Benjamin Graham
Image
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
Image
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
Image
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
Benjamin Graham
Image
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
Image
The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
Benjamin Graham
Image
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
Benjamin Graham
Image
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin Graham