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  • Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

    Benjamin Graham
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    Benjamin Graham, Institute of Chartered Financial Analysts, Financial Analysts Research Foundation (1974). “The Renaissance of value: the proceedings of a seminar on the economy, interest rates, portfolio management, and bonds vs common stocks, September 18, 1974”
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment. - Benjamin Graham
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