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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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The essence of investment management is the management of risks, not the management of returns.
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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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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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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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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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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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