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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
Failure
Chance
Success
Individual
Art
Determining
Important
Skill
Factors
Skills

More quotes by Benjamin Graham

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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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.
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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).
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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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The essence of investment management is the management of risks, not the management of returns.
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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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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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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 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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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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At heart, uncertainty and investing are synonyms.
Benjamin Graham
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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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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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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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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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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
Benjamin Graham