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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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
Security
Defensive
Changed
Excessive
Issues
Apparently
Even
Replaced
Much
Advance
Priced
Time
Reasonable
Securities
Investing
Portfolios
Especially
Purchased
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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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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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 is absurd to think that the general public can ever make money out of market forecasts.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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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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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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Successful investing is about managing risk, not avoiding it.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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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.
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The only thing you should do with pro forma earnings is ignore them.
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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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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