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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

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
Advantage
Either
Taken
Quotations
Remember
Convenience
Always
Ignored
Investing
Market

More quotes by Benjamin Graham

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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
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
Benjamin Graham
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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.
Benjamin Graham
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
Benjamin Graham
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
Benjamin Graham
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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
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
Benjamin Graham
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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Benjamin Graham
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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
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
Benjamin Graham
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
Benjamin Graham
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High valuations entail high risks.
Benjamin Graham
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
Benjamin Graham
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The investor's chief problem - and even his worst enemy - is likely to be himself.
Benjamin Graham
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Benjamin Graham
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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
Benjamin Graham
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
Benjamin Graham