Benjamin Graham Quotes - Page 7

Quotes about:

• A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

  Benjamin Graham

  Doe, Ownership, Share

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

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• The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.

  Benjamin Graham

  War, Would Be, Might

  "Storage and Stability". Book by Benjamin Graham, Part II, Chapter VIII, Ultimate Uses of the Stored Units, p. 97, 1937.

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• I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

  Benjamin Graham

  Opportunity, Order, Technique

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• The modern world is not geared properly to the storage of goods.

  Benjamin Graham

  World, Modern, Goods

  "World Commodities and World Currencies". Book by Benjamin Graham. Chapter III, The Paradox of the Stockpile, p. 23, 1944.

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• Why should the cotton growers suffer if there is shortage of wheat?

  Benjamin Graham

  Suffering, Cotton, Wheat

  "Storage and Stability". Book by Benjamin Graham, Part II, Chapter V, Reservoir System and Commodities, p. 72, 1937.

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• Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

  Benjamin Graham

  Giving, Trying, Investing

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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, Light, Years

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

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• If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

  Benjamin Graham

  Investing, Fees, Assets

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• Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.

  Benjamin Graham

  White, Gold, Use

  "World Commodities and World Currencies". Book by Benjamin Graham. Chapter IX, Commodities, Gold, Credit as Money, p. 100, 1944.

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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

  Integrity, Decision, Advice

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

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• The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

  Benjamin Graham

  Intelligent, Investing, Should

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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

  Wall, Important, Investing

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.33, Prabhat Prakashan

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• The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

  Benjamin Graham

  Long, Safety, Investing

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• I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

  Benjamin Graham

  Wall, Simple, Different

  Benjamin Graham, New York Institute of Finance (1947). “Current problems in security analysis”

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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

  Issues, Choices, Voting

  Benjamin Graham (1962). “Security Analysis: Principles and Technique”

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• The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

  Benjamin Graham

  Issues, Analysis, Investing

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

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• 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

  Growth, Defeat, Teach

  "Storage and Stability". Book by Benjamin Graham. Part II, Chapter VIII,Ultimate Uses of the Stored Units, p. 103, 1937.

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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

  Age, Investing, Assets

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.72, Prabhat Prakashan

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• Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

  Benjamin Graham

  Issues, Quality, Portfolios

  Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.130, Prabhat Prakashan

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• 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

  Mistake, Investing Money, Training

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

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• The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.

  Benjamin Graham

  Past, Gold, Commodity

  "Storage and Stability". Book by Benjamin Graham.Part III, Chapter X, The Status of Gold and Silver, p. 127, 1937.

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• The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

  Benjamin Graham

  Book, Adoption, Purpose

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

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• The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.

  Benjamin Graham

  Attitude, Answers, Analysts

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

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• There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

  Benjamin Graham

  Responsibility, Investing, Shame

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• It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.

  Benjamin Graham

  Needs, Economist, Including

  "World Commodities and World Currencies". Book by Benjamin Graham, Chapter X, Commodity Unit Stabilization, p. 109, 1944.

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