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The best values today are often found in the stocks that were once hot and have since gone cold.

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
Values
Often
Found
Stocks
Today
Investing
Best
Hot
Cold
Since
Gone

More quotes by Benjamin Graham

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The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
Benjamin Graham
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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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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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.
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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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High valuations entail high risks.
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Abnormally good or abnormally bad conditions do not last forever.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Benjamin Graham
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
Benjamin Graham
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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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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
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People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
Benjamin Graham
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Diversification is an established tenet of conservative investment.
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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham
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Successful investing is about managing risk, not avoiding it.
Benjamin Graham
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
Benjamin Graham
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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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The only thing you should do with pro forma earnings is ignore them.
Benjamin Graham