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Diversification is an established tenet of conservative investment.

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
Tenet
Diversification
Established
Investing
Investment
Conservative

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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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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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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 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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You must never delude yourself into thinking that you're investing when you're speculating.
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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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High valuations entail high risks.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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