Benjamin Graham Quotes - Page 3

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• 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

  Attitude, Years, Important

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  18 Copy quote

• While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

  Benjamin Graham

  Wall, Accomplishment, Investing

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.15, Harper Collins

  11 Copy quote

• 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

  Keys, Littles, Economic

  Benjamin Graham (1996). “Benjamin Graham, the Memoirs of the Dean of Wall Street”, McGraw-Hill Companies

  15 Copy quote

• No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.

  Benjamin Graham

  Errors, Odds, Safety

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.13, Harper Collins

  41 Copy quote

• The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.

  Benjamin Graham

  Simple, Thinking, Egypt

  "World Commodities and World Currencies". Book by Benjamin Graham. Chapter V, Stabilization of Raw Materials, p. 56, 1944.

  9 Copy quote

• The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

  Benjamin Graham

  Mountain, Ordinary, Vicissitudes

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  12 Copy quote

• Diversification is an established tenet of conservative investment.

  Benjamin Graham

  Investing, Conservative, Investment

  31 Copy quote

• Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

  Benjamin Graham

  Hope, Time, Money

  87 Copy quote

• The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

  Benjamin Graham

  Men, People, Imperfection

  "Storage and Stability". Book by Benjamin Graham, Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234, 1937.

  8 Copy quote

• The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

  Benjamin Graham

  Lying, Interest, Market Timing

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  12 Copy quote

• The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character

  Benjamin Graham

  Character, Brain, Quality

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  40 Copy quote

• It is absurd to think that the general public can ever make money out of market forecasts.

  Benjamin Graham

  Thinking, Investing, Making Money

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  14 Copy quote

• The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925 and buying back at 109 in 1931 was a satisfactory operation. Some may think that an intelligent investor should have been able to sell out much closer to the high of 381 and to buy back nearer the low of 41. If that is your own view you are probably a speculator at heart and will have trouble keeping to true investment precepts while the market rushes up and down.

  Benjamin Graham

  Heart, Intelligent, Thinking

  9 Copy quote

• 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

  Wall, Past, Investing

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.1, Harper Collins

  17 Copy quote

• Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

  Benjamin Graham

  Adversity, Should, Teach

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  19 Copy quote

• The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a goodly profit, unless either (a) he is definitely through with buying stocks an unlikely story or (b) he is determined to reinvest only at considerably lower levels. In a continuous program no market profit is fully realized until the later reinvestment has actually taken place, and the true measure of the trading profit is the difference between the previous selling level and the new buying level.

  Benjamin Graham

  Smart, Taken, Differences

  10 Copy quote

• Abnormally good or abnormally bad conditions do not last forever.

  Benjamin Graham

  Forever, Lasts, Conditions

  Benjamin Graham, David Dodd (2002). “Security Analysis: The Classic 1940 Edition”, McGraw Hill Professional

  10 Copy quote

• It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

  Benjamin Graham

  Wall, Loss, Energy

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.29, Harper Collins

  8 Copy quote

• 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

  Investing, Making Money, Approach

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.3, Harper Collins

  12 Copy quote

• It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

  Benjamin Graham

  Opportunity, Practice, Safety

  11 Copy quote

• Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.

  Benjamin Graham

  Achievement, Forever, Growth

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  15 Copy quote

• The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

  Benjamin Graham

  Essence, Safety, Unnecessary

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  15 Copy quote

• 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

  Stress, Safety, Events

  Benjamin Graham, David Le Fevre Dodd (1934). “Security Analysis: The Classic 1934 Edition”, McGraw Hill Professional

  15 Copy quote

• The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

  Benjamin Graham

  Simple, Decision, Investing

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.73, Prabhat Prakashan

  18 Copy quote

• Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.

  Benjamin Graham

  Bulls, Levels, Next

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

  9 Copy quote

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