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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

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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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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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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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Abnormally good or abnormally bad conditions do not last forever.
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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You must never delude yourself into thinking that you're investing when you're speculating.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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The only thing you should do with pro forma earnings is ignore them.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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High valuations entail high risks.
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At heart, uncertainty and investing are synonyms.
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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.
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The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
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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.
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