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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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
Mountain
Exaggerating
Ordinary
Vicissitudes
Making
Setbacks
Always
Setback
Mountains
Majors
Major
Market
Molehills
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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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