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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
Remember
Quotations
Always
Convenience
Ignored
Investing
Market
Advantage
Either
Taken

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Successful investing is about managing risk, not avoiding it.
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The essence of investment management is the management of risks, not the management of returns.
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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.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Stocks can be dynamite.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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.
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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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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.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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High valuations entail high risks.
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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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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.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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