Quote

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

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
May
Rate
Vary
Even
Market
Rates
Long
Response
Bond
Aware
Principal
Changes
Investors
Term
Investing
Unquestioned
Though
Price
Investor
Interest
Safety
Widely

More quotes by Benjamin Graham

Image
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Benjamin Graham
Image
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin Graham
Image
Why should the cotton growers suffer if there is shortage of wheat?
Benjamin Graham
Image
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
Benjamin Graham
Image
Good managements produce a good average market price, and bad managements produce bad market prices.
Benjamin Graham
Image
Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Benjamin Graham
Image
The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
Benjamin Graham
Image
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
Image
Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
Benjamin Graham
Image
Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
Benjamin Graham
Image
It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
Benjamin Graham
Image
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
Image
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.
Benjamin Graham
Image
You must never delude yourself into thinking that you're investing when you're speculating.
Benjamin Graham
Image
Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
Benjamin Graham
Image
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
Image
Do not let anyone else run your business
Benjamin Graham
Image
Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham
Image
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.
Benjamin Graham
Image
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.
Benjamin Graham