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

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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.
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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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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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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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The essence of investment management is the management of risks, not the management of returns.
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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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High valuations entail high risks.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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
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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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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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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Diversification is an established tenet of conservative investment.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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