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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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Abnormally good or abnormally bad conditions do not last forever.
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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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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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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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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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High valuations entail high risks.
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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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