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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
Found
Stocks
Today
Investing
Best
Hot
Cold
Since
Gone
Values
Often

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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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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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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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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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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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Why should the cotton growers suffer if there is shortage of wheat?
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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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The essence of investment management is the management of risks, not the management of returns.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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Diversification is an established tenet of conservative investment.
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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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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
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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 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.
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At heart, uncertainty and investing are synonyms.
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The only thing you should do with pro forma earnings is ignore them.
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Stocks can be dynamite.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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