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Benjamin Graham Quotes
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The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".
Benjamin Graham
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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
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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
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Diversification is an established tenet of conservative investment.
Benjamin Graham
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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
Benjamin Graham
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The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
Benjamin Graham
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For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
Benjamin Graham
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The sillier the market's behavior, the greater the opportunity for the business like investor.
Benjamin Graham
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Never buy a stock because it has gone up or sell one because it has gone down.
Benjamin Graham
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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
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Benjamin Graham
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By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.
Benjamin Graham
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
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Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
Benjamin Graham
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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
Benjamin Graham
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The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
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No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".
Benjamin Graham
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A great company is not a great investment if you pay too much for the stock.
Benjamin Graham
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Benjamin Graham
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I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.
Benjamin Graham
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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Benjamin Graham
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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
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Both individual skill (art) and chance are important factors in determining success or failure.
Benjamin Graham
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The memory of the financial community is proverbially and distressingly short.
Benjamin Graham
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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
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Life is not having been told that the man has just waxed the floor.
Ogden Nash
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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