Benjamin Graham Quotes - Page 4

Quotes about:

• 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.

  Benjamin Graham

  Wall, Loss, Energy

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.29, Harper Collins

  9 Copy quote

• 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.

  Benjamin Graham

  Thinking, Trying, Matter

  Benjamin Graham, David Le Fevre Dodd (1940). “Security Analysis: Principles and Techniques”

  34 Copy quote

• A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

  Benjamin Graham

  Investing, Pay, Speculators

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.36, Harper Collins

  18 Copy quote

• 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.

  Benjamin Graham

  Intelligent, Ducks, Investing

  13 Copy quote

• The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

  Benjamin Graham

  Essence, Safety, Unnecessary

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  15 Copy quote

• Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

  Benjamin Graham

  Investing, Bad Company, Good And Bad

  17 Copy quote

• The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

  Benjamin Graham

  Intelligent, Significant Change, Sound

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.4, Harper Collins

  8 Copy quote

• Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

  Benjamin Graham

  Men, Investing, Selling

  Benjamin Graham, David Dodd (2008). “Security Analysis: Sixth Edition, Foreword by Warren Buffett”, p.35, McGraw Hill Professional

  9 Copy quote

• Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.

  Benjamin Graham

  Achievement, Forever, Growth

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  15 Copy quote

• Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.

  Benjamin Graham

  Bulls, Levels, Next

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  9 Copy quote

• The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

  Benjamin Graham

  Simple, Decision, Investing

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.73, Prabhat Prakashan

  18 Copy quote

• The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

  Benjamin Graham

  Men, People, Imperfection

  "Storage and Stability". Book by Benjamin Graham, Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234, 1937.

  8 Copy quote

• All the real money in investment will have to be made as most of it has been in the past not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.

  Benjamin Graham

  Real, Mean, Past

  "The Intelligent Investor: The Classic Text on Value Investing". Book by Benjamin Graham. Chapter I, What the Intelligent Investor Can Accomplish, p. 17, 1949.

  26 Copy quote

• The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

  Benjamin Graham

  Safety, Investing, Miscalculations

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  17 Copy quote

• In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

  Benjamin Graham

  Emotional, Forever, Investing

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.23, Prabhat Prakashan

  14 Copy quote

• In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

  Benjamin Graham

  Stress, Safety, Events

  Benjamin Graham, David Le Fevre Dodd (1934). “Security Analysis: The Classic 1934 Edition”, McGraw Hill Professional

  15 Copy quote

• The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925 and buying back at 109 in 1931 was a satisfactory operation. Some may think that an intelligent investor should have been able to sell out much closer to the high of 381 and to buy back nearer the low of 41. If that is your own view you are probably a speculator at heart and will have trouble keeping to true investment precepts while the market rushes up and down.

  Benjamin Graham

  Heart, Intelligent, Thinking

  9 Copy quote

• It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

  Benjamin Graham

  Opportunity, Practice, Safety

  11 Copy quote

• you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing

  Benjamin Graham

  Wall, May, Profit

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  23 Copy quote

• We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

  Benjamin Graham

  Investing, Making Money, Approach

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.3, Harper Collins

  12 Copy quote

• Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

  Benjamin Graham

  Taken, Investing, Ignored

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  19 Copy quote

• we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions.

  Benjamin Graham

  Opposites, Long, Sound

  43 Copy quote

• An investor calculates what a stock is worth, based on the value of its businesses.

  Benjamin Graham

  Investing, Investors, Values

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.36, Harper Collins

  15 Copy quote

• A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

  Benjamin Graham

  Investing, Bears, Wreckage

  13 Copy quote

• 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.

  Benjamin Graham

  Issues, Analysis, Investing

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  23 Copy quote

Page 4 of 8

First

← Prev

1

2

3

4

5

6

7

8

Next →

• facebook
• twitter
• googleplus
• email
• linkedin