Quote

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

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
May
Claim
Best
Specific
Firsts
Corporate
First
Instance
Every
Claims
Security
Viewed
Interest
Ownership
Business
Enterprise

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Good managements produce a good average market price, and bad managements produce bad market prices.
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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 is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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Diversification is an established tenet of conservative investment.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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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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Abnormally good or abnormally bad conditions do not last forever.
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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