Quote

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

Benjamin Graham

Change background

T
T
T

Change font

TAGS & TOPICS

Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Always
Prosper
Defensive
Investors
Investing
Bear
Wreckage
Market
Calmly
Bears
Patiently
Looking
Investor

More quotes by Benjamin Graham

Image
Always buy your straw hats in the Winter
Benjamin Graham
Image
Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
Benjamin Graham
Image
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
Benjamin Graham
Image
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Benjamin Graham
Image
The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
Benjamin Graham
Image
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.
Benjamin Graham
Image
The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham
Image
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Benjamin Graham
Image
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.
Benjamin Graham
Image
The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
Image
Stocks can be dynamite.
Benjamin Graham
Image
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.
Benjamin Graham
Image
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
Image
Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
Benjamin Graham
Image
The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
Benjamin Graham
Image
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.
Benjamin Graham
Image
... 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.
Benjamin Graham
Image
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
Image
Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
Benjamin Graham
Image
The essence of investment management is the management of risks, not the management of returns.
Benjamin Graham