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High valuations entail high risks.

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
Valuations
Entail
Valuation
Risks
Investing
Risk
High

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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.
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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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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Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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You must never delude yourself into thinking that you're investing when you're speculating.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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Do not let anyone else run your business
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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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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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