Investors Quotes - Page 11

• The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.

  Benjamin Graham

  Ideas, Giving, Doe

  "The Intelligent Investor: The Classic Text on Value Investing". Book by Benjamin Graham, Chapter II, The Investor and Stock-Market Fluctuations, p. 41, 1949.

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• Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.

  Seth Klarman

  Wall, Investment Success, Self

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• One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.

  Warren Buffett

  Pockets, Investing, Irony

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• 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

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• In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.

  Seth Klarman

  Cutting, Loss, Views

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• In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.

  Warren Buffett

  Men, Alchemist, Investing

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• Smart tech investor thinks about: a) future product roadmap, b) bottoms-up market size & growth, c) talent and skill of team. Essentially you are valuing things that have not yet happened, and the likelihood of the CEO and team being able to make them happen. Finance people find this appalling, but investors who do this well can make a lot of money.

  Marc Andreessen

  Team, Smart, Thinking

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• Senator, we are groping for understanding, the knowledge you assume I possess doesn't exist' - 'The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills' - 'Senator, if I seem clear to you, you must have misunderstood me' - 'Unfortunately, Senator, nobody knows where the next innovative idea is coming from. Political decisions are never random and will always lose out to innovative alternatives

  Alan Greenspan

  Lying, Moving, Ignorance

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• The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

  Benjamin Graham

  Art, Effort, Trying

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.9, Harper Collins

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• While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.

  Seth Klarman

  Intelligent, Discipline, Risk

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• It is the duty of the long-term investor to endure great losses with equanimity.

  John Maynard Keynes

  Loss, Long, Investing

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• Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from an investment. If an exploratory oil well proves to be a dry hole, it is called risky. If a bond defaults or a stock plunges in price, they are called risky. But if the well is a gusher, the bond matures on schedule, and the stock rallies strongly, can we say they weren't risky when the investment after it is concluded than was known when it was made.

  Seth Klarman

  Loss, Oil, Risk

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• There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.

  Seth Klarman

  Safety, Risk, Investing

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• In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.

  Seth Klarman

  Lonely, Opportunity, Ideas

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• It is the long term investor who will in practice come in for the most criticism. For it is the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

  John Maynard Keynes

  Running, Independent, Eye

  1936 The General Theory of Employment, Interest and Money.

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• It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions

  Ben Bernanke

  Responsibility, Decision, Economics

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• We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

  Benjamin Graham

  Lying, Intelligent, Analysis

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• Of one thing the investor can be certain: A large company's need to bring in a new chief executive from the outside is a damning sign of something basically wrong with the existing management - no matter how good the surface signs may have been as indicated by the most recent earnings statement.

  Philip Arthur Fisher

  Needs, Investing, May

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• Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. Partly, people need to justify their fees.

  Charlie Munger

  Real, Office, People

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• We [US government] have used our taxpayer dollars not only to subsidize these banks but also to subsidize the creditors of those banks and the equity holders in those banks. We could have talked about forcing those investors to take some serious hits on their risky dealings. The idea that taxpayer dollars go in first rather than last - after the equity has been used up - is shocking.

  Elizabeth Warren

  Government, Ideas, Dollars

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• I have always been very diversified, so I have never suffered a catastrophic loss. I spread my money around the way a large institutional investor does. I use different brokerage firms. I manage some of my accounts myself.

  Ben Stein

  Loss, Doe, Different

  Source: www.fivecentnickel.com

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• Some foreign investors accuse us of being unfair to shareholders by using our resources for community development. Yes, this is money that could have made for dividend payouts, but it also is money that's uplifting and improving the quality of life of people in the rural areas where we operate and work. We owe them that.

  Ratan Tata

  Uplifting, Money, People

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• Investors will sort of like write the check and then, despite a lot of promises, don't usually do that much; sometimes they do.

  Sam Altman

  Team, Writing, Promise

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• I believe in fighting with investors to reduce the amount of equity they get and then being as generous as you possibly can with employees.

  Sam Altman

  Team, Believe, Fighting

  "Lecture 2: Ideas, Products, Teams and Execution Part II". "How to Start a Startup" lecture, Stanford, genius.com. September 25, 2014.

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• The investor's chief problem - and even his worst enemy - is likely to be himself.

  Benjamin Graham

  Money, Worst Enemy, Greed

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.8, Harper Collins

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