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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
Even
Market
Rates
Long
Response
Bond
Aware
Principal
Changes
Investors
Term
Investing
Unquestioned
Though
Price
Investor
Interest
Safety
Widely
May
Rate
Vary
More quotes by Benjamin Graham
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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An investor calculates what a stock is worth, based on the value of its businesses.
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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.
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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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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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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.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Do not let anyone else run your business
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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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.
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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.
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Always buy your straw hats in the Winter
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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