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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

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
Wall
Happened
Nothing
Counted
Important
Occur
Way
Investing
Street
Exactly
Streets

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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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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.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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Why should the cotton growers suffer if there is shortage of wheat?
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
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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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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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High valuations entail high risks.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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