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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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Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Long
Response
Bond
Aware
Principal
Changes
Investors
Term
Investing
Unquestioned
Though
Price
Investor
Interest
Safety
Widely
May
Rate
Vary
Even
Market
Rates
More quotes by Benjamin Graham
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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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.
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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.
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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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Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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Always buy your straw hats in the Winter
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Good managements produce a good average market price, and bad managements produce bad market prices.
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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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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.
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At heart, uncertainty and investing are synonyms.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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The only thing you should do with pro forma earnings is ignore them.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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.
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Both individual skill (art) and chance are important factors in determining success or failure.
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