Quote

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.

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
Comfortable
Adviser
Beyond
Imperative
Future
Reproach
Makes
Imperatives
Place
Investing
Hands
Honesty
Someone
Financial
Find
Whose

More quotes by Benjamin Graham

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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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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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At heart, uncertainty and investing are synonyms.
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The only thing you should do with pro forma earnings is ignore them.
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Both individual skill (art) and chance are important factors in determining success or failure.
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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.
Benjamin Graham