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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
Returns
Risks
Investing
Investment
Management
Essence
Return
Risk

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Do not let anyone else run your business
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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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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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.
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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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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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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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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 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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Successful investing is about managing risk, not avoiding it.
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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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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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Diversification is an established tenet of conservative investment.
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