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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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
Form
Price
Compared
Determine
Current
Issue
Ideal
Ideals
Currents
Security
Investing
Issues
Analysis
Valuation
Common
Attractive
Purchase
Whether
Leads
Stock
More quotes by Benjamin Graham
The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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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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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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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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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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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The only thing you should do with pro forma earnings is ignore them.
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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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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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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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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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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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