Quote

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

Change background

T
T
T

Change font

TAGS & TOPICS

Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Deals
Intelligently
Upon
Exceedingly
Difficult
Laid
Business
Factors
Nature
Stress
Also
Management
Character
Elements
Important
Deal
Qualitative

More quotes by Benjamin Graham

Image
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
Image
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
Image
Why should the cotton growers suffer if there is shortage of wheat?
Benjamin Graham
Image
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
Benjamin Graham
Image
It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
Benjamin Graham
Image
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.
Benjamin Graham
Image
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
Image
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.
Benjamin Graham
Image
Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
Benjamin Graham
Image
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.
Benjamin Graham
Image
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.
Benjamin Graham
Image
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.
Benjamin Graham
Image
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
Benjamin Graham
Image
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Benjamin Graham
Image
There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
Image
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.
Benjamin Graham
Image
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
Image
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
Benjamin Graham
Image
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.
Benjamin Graham
Image
Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham