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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

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
Defensive
Investors
Investing
Bear
Wreckage
Market
Calmly
Bears
Patiently
Looking
Investor
Always
Prosper

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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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... 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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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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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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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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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