Benjamin Graham Quotes - Page 6

Quotes about:

• Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.

  Benjamin Graham

  Commitment, Loss, Numbers

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• THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

  Benjamin Graham

  Agreement, Abuse, Credit

  "Storage and Stability". Book by Benjamin Graham. Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153, 1937.

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• The only thing you should do with pro forma earnings is ignore them.

  Benjamin Graham

  Investing, Earning, Should

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.93, Prabhat Prakashan

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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.

  Benjamin Graham

  Issues, Portfolios, Investing

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• Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

  Benjamin Graham

  Issues, Investing, Movement

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.31, Harper Collins

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• 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.

  Benjamin Graham

  Horse, Real, Lying

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• The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.

  Benjamin Graham

  Thinking, Ideas, Common Sense

  "Storage and Stability". Book by Benjamin Graham, Preface, p. vii, 1937.

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• In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline

  Benjamin Graham

  Long, Growth, Important

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

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• The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.

  Benjamin Graham

  Technique, Expansion, World

  "World Commodities and World Currencies". Book by Benjamin Graham. Chapter I, The Problem of Raw Materials, p. 5, 1944.

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• The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.

  Benjamin Graham

  Average, Sound, Investing

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.6, Harper Collins

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• We have been trying to point out that this concept of an indefinitely favorable future is dangerous, even if it is true; because even if it is true you can easily overvalue the security, since you make it worth anything you want it to be worth. Beyond this, it is particularly dangerous too, because sometimes your ideas of the future turn out to be wrong. Then you have paid an awful lot for a future that isn't there. Your position then is pretty bad.

  Benjamin Graham

  Ideas, Trying, Want

  Benjamin Graham, New York Institute of Finance (1947). “Current problems in security analysis”

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• Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

  Benjamin Graham

  Wall, Principles, Investing

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.144, Prabhat Prakashan

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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.

  Benjamin Graham

  Sound, May, Facts

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.205, Prabhat Prakashan

  29 Copy quote

• To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

  Benjamin Graham

  People, Looks, Investing

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

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• Do not let anyone else run your business

  Benjamin Graham

  Running

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.205, Prabhat Prakashan

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• The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.

  Benjamin Graham

  Simple, Principles, Buying

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• Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.

  Benjamin Graham

  Years, Analysis, May

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

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• Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

  Benjamin Graham

  Investing, Enterprise

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• Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

  Benjamin Graham

  Real, Mean, Discovery

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

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• Both individual skill (art) and chance are important factors in determining success or failure.

  Benjamin Graham

  Art, Skills, Important

  Benjamin Graham (1962). “Security Analysis: Principles and Technique”

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• The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

  Benjamin Graham

  Simple, Years, Trying

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• In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.

  Benjamin Graham

  Running, Commitment, Successful

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

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• The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.

  Benjamin Graham

  Attitude, Men, Wife

  Benjamin Graham, New York Institute of Finance (1947). “Current problems in security analysis”

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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.

  Benjamin Graham

  Mean, Men, Use

  Benjamin Graham, New York Institute of Finance (1947). “Current problems in security analysis”

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• A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

  Benjamin Graham

  Doe, Ownership, Share

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.13, Harper Collins

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