An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd. — Benjamin Graham Copy Share Image
Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do.… — Benjamin Graham Copy Share Image
Investing isn't about beating others at their game. It's about controlling yourself at your own game. — Benjamin Graham Copy Share Image
There is a close logical connection between the concept of a safety margin and the principle of diversification. — Benjamin Graham Copy Share Image
Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or… — 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… — 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
“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
Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good… — Benjamin Graham Copy Share Image
Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices… — Benjamin Graham Copy Share Image
“They ignored Graham’s warning that “the really dreadful losses” always occur after “the buyer forgot to ask ‘How much?’” Most painfully of… — Benjamin Graham Copy Share Image
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the… — Benjamin Graham Copy Share Image
... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that… — Benjamin Graham Copy Share Image
It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at… — Benjamin Graham Copy Share Image
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of… — Benjamin Graham Copy Share Image
Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions… — Benjamin Graham Copy Share Image
“We recommended that the investor divide his holdings between high-grade bonds and leading common stocks; that the proportion held in bonds be… — Benjamin Graham Copy Share Image
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest… — 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
Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business… — Benjamin Graham Copy Share Image
we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete… — 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
“risks therein must be assumed by someone. * There is intelligent speculation as there is intelligent investing. But there are many ways… — Benjamin Graham Copy Share Image
In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a… — Benjamin Graham Copy Share Image
there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present… — Benjamin Graham Copy Share Image
The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher… — Benjamin Graham Copy Share Image
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. — Benjamin Graham Copy Share Image
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound… — Benjamin Graham Copy Share Image
The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to… — Benjamin Graham Copy Share Image
you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular… — Benjamin Graham Copy Share Image
Individuals who cannot master their emotions are ill-suited to profit from the investment process. — 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
Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least… — Benjamin Graham Copy Share Image
If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume. — Benjamin Graham Copy Share Image
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic, — Benjamin Graham Copy Share Image
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. — Benjamin Graham Copy Share Image
Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C… — Benjamin Graham Copy Share Image
Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable… — Benjamin Graham Copy Share Image
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. — 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
