A great company is not a great investment if you pay too much for the stock. — Benjamin Graham Copy Share Image
Obvious prospects for physical growth in a business do not translate into obvious profits for investors. — Benjamin Graham Copy Share Image
Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap. — Benjamin Graham Copy Share Image
Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific… — Benjamin Graham Copy Share Image
An investor calculates what a stock is worth, based on the value of its businesses. — Benjamin Graham Copy Share Image
The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it… — Benjamin Graham Copy Share Image
The sillier the market's behavior, the greater the opportunity for the business like investor. — Benjamin Graham Copy Share Image
To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return… — Benjamin Graham Copy Share Image
In the short run, the market is a voting machine, but in the long run it is a weighing machine. — Benjamin Graham Copy Share Image
In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and… — Benjamin Graham Copy Share Image
“From these two broad examples we draw two morals for our readers: Obvious prospects for physical growth in a business do not… — Benjamin Graham Copy Share Image
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic… — Benjamin Graham Copy Share Image
The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further… — Benjamin Graham Copy Share Image
Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks… — Benjamin Graham Copy Share Image
The thing that I have been emphasizing in my own work for the last few years has been the group approach. To… — Benjamin Graham Copy Share Image
Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor… — Benjamin Graham Copy Share Image
The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These… — Benjamin Graham Copy Share Image
“The one principle that applies to nearly all these so-called “technical approaches” is that one should buy because a stock or the… — Benjamin Graham Copy Share Image
A price decline is of no real importance to the bona fide investor unless it is either very substantial say, more than… — Benjamin Graham Copy Share Image
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.… — Benjamin Graham Copy Share Image
“December 20, 1999, Juno Online Services unveiled a trailblazing business plan: to lose as much money as possible, on purpose. Juno announced… — Benjamin Graham Copy Share Image
“Graham developed his core principles, which are at least as valid today as they were during his lifetime: A stock is not… — Benjamin Graham Copy Share Image
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. — Benjamin Graham Copy Share Image
THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is… — Benjamin Graham Copy Share Image
A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with… — Benjamin Graham Copy Share Image
“It has long been the prevalent view that the art of successful investment lies first in the choice of those industries that… — Benjamin Graham Copy Share Image
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times… — Benjamin Graham Copy Share Image
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 Copy Share
There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that… — Benjamin Graham Copy Share
Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap. — Benjamin Graham Copy Share
It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed. — Benjamin Graham Copy Share
The intelligent investor is a realist who sells to optimists and buys from pessimists. — Benjamin Graham Copy Share
Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone… — Benjamin Graham Copy Share
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… — Benjamin Graham Copy Share
The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor… — Benjamin Graham Copy Share
We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to… — Benjamin Graham Copy Share
The essence of investment management is the management of risks, not the management of returns. — Benjamin Graham Copy Share
In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or… — Benjamin Graham Copy Share
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. — Benjamin Graham Copy Share
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… — Benjamin Graham Copy Share
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on… — Benjamin Graham Copy Share
