Quote

... 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.

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
Done
Streets
Conduct
Years
Wall
Stock
Inside
Damage
Growing
Street
Public
Financial
Equities
Community
Confidence
Equity
Values
Outside
Insist
Future
Loss
Recent

More quotes by Benjamin Graham

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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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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.
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Both individual skill (art) and chance are important factors in determining success or failure.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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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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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.
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An investor calculates what a stock is worth, based on the value of its businesses.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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Successful investing is about managing risk, not avoiding it.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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 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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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