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Both individual skill (art) and chance are important factors in determining success or failure.
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
Success
Individual
Art
Determining
Important
Skill
Factors
Skills
Failure
Chance
More quotes by Benjamin Graham
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin Graham
The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
Benjamin Graham
Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
Benjamin Graham
The investor's chief problem - and even his worst enemy - is likely to be himself.
Benjamin Graham
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Benjamin Graham
To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
Benjamin Graham
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
Benjamin Graham
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Benjamin Graham
The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
Benjamin Graham
The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
Benjamin Graham
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.
Benjamin Graham
A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
Benjamin Graham
Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
Benjamin Graham
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
Benjamin Graham
It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
Benjamin Graham
