Benjamin Graham - Conditions Quotes

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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Benjamin Graham
We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.

Benjamin Graham
Past experience appears to have particular validity and value in dealing with the stock market. The good old rules all seem to be good still. It is conceivable, of course, that the continuity of the market may end someday—perhaps tomorrow—and past experience may really prove an handicap in meeting the new conditions, as it appeared to be a handicap for a great many months in 1927-29. But is it not the part of intelligence to run the small risk of being wrong by sticking to the old principles, rather than to run the big risk of being wrong by breaking away from past experience?

Benjamin Graham
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.

Benjamin Graham
Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.

Benjamin Graham
The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.

Benjamin Graham
Abnormally good or abnormally bad conditions do not last forever.

Benjamin Graham
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