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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
Risks
Investing
Risk
High
Valuations
Entail
Valuation

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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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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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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 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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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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Why should the cotton growers suffer if there is shortage of wheat?
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Both individual skill (art) and chance are important factors in determining success or failure.
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At heart, uncertainty and investing are synonyms.
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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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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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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 sillier the market's behavior, the greater the opportunity for the business like investor.
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The essence of investment management is the management of risks, not the management of returns.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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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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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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