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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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People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
Benjamin Graham
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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An investor calculates what a stock is worth, based on the value of its businesses.
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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
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Abnormally good or abnormally bad conditions do not last forever.
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At heart, uncertainty and investing are synonyms.
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Both individual skill (art) and chance are important factors in determining success or failure.
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Always buy your straw hats in the Winter
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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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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
Benjamin Graham
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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.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
Benjamin Graham
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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
Benjamin Graham