It should be remembered that a decline of 50% fully offsets a preceding advance of 100%. — Benjamin Graham Copy Share Image
The only thing you should do with pro forma earnings is ignore them. — Benjamin Graham Copy Share Image
“Without a saving faith in the future, no one would ever invest at all.” — Benjamin Graham Copy Share Image
A great company is not a great investment if you pay too much for the stock. — Benjamin Graham Copy Share Image
Never buy a stock because it has gone up or sell one because it has gone down. — Benjamin Graham Copy Share Image
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern. — Benjamin Graham Copy Share Image
Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years. — 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
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep. — Benjamin Graham Copy Share Image
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more… — Benjamin Graham Copy Share Image
“The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan's check-in clerks frantically busy for decades to come.” — Benjamin Graham Copy Share Image
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings. — Benjamin Graham Copy Share Image
The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual… — 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
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
“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
Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon… — 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
... 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
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is… — 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
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
Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics… — 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
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
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
“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
“The underlying factor here is the tendency of the security markets to undervalue issues that are involved in any sort of complicated… — Benjamin Graham Copy Share Image
Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed. — Benjamin Graham Copy Share Image
The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks. — 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
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored. — Benjamin Graham Copy Share Image
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. — 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
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
The sillier the market's behavior, the greater the opportunity for the business like investor. — 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
