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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
Successful
Managing
Avoiding
Investing
Risk

More quotes by Benjamin Graham

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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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The only thing you should do with pro forma earnings is ignore them.
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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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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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At heart, uncertainty and investing are synonyms.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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An investor calculates what a stock is worth, based on the value of its businesses.
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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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Good managements produce a good average market price, and bad managements produce bad market prices.
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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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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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Do not let anyone else run your business
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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
Benjamin Graham