Benjamin Graham Quotes - Page 5

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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

Benjamin Graham

Taken, Investing, Ignored

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

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The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Benjamin Graham

Safety, Investing, Miscalculations

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

17 Copy quote
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

Investing, Bad Company, Good And Bad

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Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

Benjamin Graham

Ignorance, Loss, Typical

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Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.

Benjamin Graham

Eye, Long, Giving

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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

Benjamin Graham

Growth, Investing, Profit

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.7, Harper Collins

14 Copy quote
The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.

Benjamin Graham

Desire, Three, Credit

"Storage and Stability". Book by Benjamin Graham, Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 154, 1937.

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To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

Benjamin Graham

Wall, Average, Sound

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.31, Harper Collins

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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 good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

Benjamin Graham

Loss, Taught Us, Views

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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Benjamin Graham

Intelligent, Investing, Weight

Benjamin Graham, David Dodd (2008). “Security Analysis: Sixth Edition, Foreword by Warren Buffett”, p.701, McGraw Hill Professional

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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Benjamin Graham

Investing, Causes, Common

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.20, Harper Collins

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Confusing speculation with investment is always a mistake.

Benjamin Graham

Mistake, Confusing, Investing

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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

Long, Prejudice, May

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

11 Copy quote
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

Taken, Sound, Investing

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

35 Copy quote
Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.

Benjamin Graham

Thinking, Demand, Want

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

17 Copy quote
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

Issues, Portfolios, Investing

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THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

Benjamin Graham

Agreement, Abuse, Credit

"Storage and Stability". Book by Benjamin Graham. Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153, 1937.

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Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.

Benjamin Graham

Commitment, Loss, Numbers

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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.

Benjamin Graham

Horse, Real, Lying

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The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

Benjamin Graham

Art, Effort, Trying

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.9, Harper Collins

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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

Issues, Would Be, Investing

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.8, Harper Collins

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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

Men, Investing, Selling

Benjamin Graham, David Dodd (2008). “Security Analysis: Sixth Edition, Foreword by Warren Buffett”, p.35, McGraw Hill Professional

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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline

Benjamin Graham

Long, Growth, Important

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

9 Copy quote
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

Issues, Investing, Movement

Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.31, Harper Collins

9 Copy quote
Stocks can be dynamite.

Benjamin Graham

Dynamite

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

17 Copy quote

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Born: May 9, 1894
Died: September 21, 1976
Occupation: Investor
Cite this Page: Citation

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