Benjamin Graham - Experience Quotes

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The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio—that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience.

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
If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.

Benjamin Graham
Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.

Benjamin Graham
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