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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

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
Without
Integrity
Adviser
Made
Case
Investor
Advice
Demonstrated
Cases
Competence
Decision
Thoroughly
Understanding
Exceptional
Upon
Investors
Approving
Others
Investing
Advisers

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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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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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The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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The only thing you should do with pro forma earnings is ignore them.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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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 sillier the market's behavior, the greater the opportunity for the business like investor.
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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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At heart, uncertainty and investing are synonyms.
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... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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