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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
Important
Occur
Way
Investing
Street
Exactly
Streets
Wall
Happened
Nothing
Counted

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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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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.
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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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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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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.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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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 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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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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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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An investor calculates what a stock is worth, based on the value of its businesses.
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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
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