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
A speculator gambles that a stock will go up in price because somebody else will pay even more for it. — Benjamin Graham Copy Share Image
The best values today are often found in the stocks that were once hot and have since gone cold. — Benjamin Graham Copy Share Image
“Only by insisting on what Graham called the “margin of safety”—never overpaying, no matter how exciting an investment seems to be—can you… — Benjamin Graham Copy Share Image
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks. — Benjamin Graham Copy Share Image
The essence of investment management is the management of risks, not the management of returns. — Benjamin Graham Copy Share Image
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety. — Benjamin Graham Copy Share Image
Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can… — Benjamin Graham Copy Share Image
The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his… — 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
To have a true investment, there must be a true margin of safety. And a true margin of safety is one that… — Benjamin Graham Copy Share Image
Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a… — 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 investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines… — Benjamin Graham Copy Share Image
“The "new-era" doctrine - that "good" stocks (or "blue chips") were sound investments regardless of how high the price paid for them… — Benjamin Graham Copy Share Image
The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the… — Benjamin Graham Copy Share Image
The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be… — Benjamin Graham Copy Share Image
Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they… — 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
“The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and… — Benjamin Graham Copy Share Image
Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices,… — 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
If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what's… — Benjamin Graham Copy Share Image
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason. — Benjamin Graham Copy Share Image
If fees consume more than 1% of your assets annually, you should probably shop for another adviser. — Benjamin Graham Copy Share Image
While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster — Benjamin Graham Copy Share Image
The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst… — Benjamin Graham Copy Share Image
Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market… — Benjamin Graham Copy Share Image
Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is… — Benjamin Graham Copy Share Image
It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end… — Benjamin Graham Copy Share Image
There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one… — Benjamin Graham Copy Share Image
“A strong-minded approach to investment, firmly based on the margin-of-safety principle, can yield handsome rewards. But a decision to try for these… — Benjamin Graham Copy Share Image
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by… — Benjamin Graham Copy Share Image
To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and… — Benjamin Graham Copy Share Image
“this book will teach you three powerful lessons: how you can minimize the odds of suffering irreversible losses; how you can maximize… — Benjamin Graham Copy Share Image
By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end,… — Benjamin Graham Copy Share Image
I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far… — Benjamin Graham Copy Share Image
Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an… — Benjamin Graham Copy Share Image
The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying… — 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
