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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
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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
Character
Elements
Important
Deal
Qualitative
Deals
Intelligently
Upon
Exceedingly
Difficult
Laid
Business
Factors
Nature
Stress
Also
Management
More quotes by Benjamin Graham
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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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.
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... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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Both individual skill (art) and chance are important factors in determining success or failure.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
Benjamin Graham
An investor calculates what a stock is worth, based on the value of its businesses.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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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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High valuations entail high risks.
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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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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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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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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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