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Successful investing is about managing risk, not avoiding it.

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
Managing
Avoiding
Investing
Risk
Successful

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The only thing you should do with pro forma earnings is ignore them.
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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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Diversification is an established tenet of conservative investment.
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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.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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Always buy your straw hats in the Winter
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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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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.
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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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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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Abnormally good or abnormally bad conditions do not last forever.
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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 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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Both individual skill (art) and chance are important factors in determining success or failure.
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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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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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