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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
Deals
Intelligently
Upon
Exceedingly
Difficult
Laid
Business
Factors
Nature
Stress
Also
Management
Character
Elements
Important
Deal
Qualitative
More quotes by Benjamin Graham
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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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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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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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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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham
Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham
Do not let anyone else run your business
Benjamin Graham
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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Successful investing is about managing risk, not avoiding it.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
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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Stocks can be dynamite.
Benjamin Graham