The investor's chief problem - and even his worst enemy - is likely to be himself. — Benjamin Graham Copy Share Image
The value of any investment is, and always must be, a function of the price you pay for it. — Benjamin Graham Copy Share Image
Never mingle your speculative and investment operations in the same account nor in any part of your thinking. — 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
Individuals who cannot master their emotions are ill-suited to profit from the investment process. — Benjamin Graham Copy Share Image
Diversification is an established tenet of conservative investment. — 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
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
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements… — 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
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
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
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
By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be… — 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
It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity -… — 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
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
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
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
“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
All the real money in investment will have to be made as most of it has been in the past not out… — Benjamin Graham Copy Share Image
The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925… — 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
The essence of investment management is the management of risks, not the management of returns. — 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
The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted… — 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
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 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
