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The essence of investment management is the management of risks, not the management of returns.

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
Investing
Investment
Management
Essence
Return
Risk
Returns
Risks

More quotes by Benjamin Graham

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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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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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Do not let anyone else run your business
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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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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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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 only thing you should do with pro forma earnings is ignore them.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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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At heart, uncertainty and investing are synonyms.
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It is absurd to think that the general public can ever make money out of market forecasts.
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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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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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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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Diversification is an established tenet of conservative investment.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
Benjamin Graham