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

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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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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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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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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Why should the cotton growers suffer if there is shortage of wheat?
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Stocks can be dynamite.
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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