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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.
Benjamin Graham
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The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
Benjamin Graham
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
Benjamin Graham
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
Benjamin Graham
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To be an investor you must be a believer in a better tomorrow.
Benjamin Graham
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If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
Benjamin Graham
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic,
Benjamin Graham
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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
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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
Benjamin Graham
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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
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The investor would not be far wrong if this motto read more simply: "Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop".
Benjamin Graham
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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
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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
Benjamin Graham
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Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.
Benjamin Graham
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The only thing you should do with pro forma earnings is ignore them.
Benjamin Graham
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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
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.
Benjamin Graham
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
Benjamin Graham
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Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.
Benjamin Graham
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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
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
Benjamin Graham
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The best values today are often found in the stocks that were once hot and have since gone cold.
Benjamin Graham
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Benjamin Graham
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You must never delude yourself into thinking that you're investing when you're speculating.
Benjamin Graham
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
Benjamin Graham
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Quote of the day
Time and trouble will tame an advanced young woman, but an advanced old woman is uncontrollable by any earthly force.
Dorothy L. Sayers
Benjamin Graham
Born:
May 9, 1894
Died:
September 21, 1976
(aged 82)
Bio:
Benjamin Graham was a British-born American economist and professional investor.
Known for:
The Intelligent Investor (1949)
Security Analysis (1934)
The Interpretation of Financial Statements (1937)
Storage and Stability (1937)
World Commodities and World Currency (1944)
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