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
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
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. — 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
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. — 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
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
The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He… — 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
The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they… — Benjamin Graham Copy Share Image
“Security analysis cannot presume to lay down general rules as to the "proper value" of any given common stock... The prices of… — 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 purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of… — Benjamin Graham Copy Share Image
Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes… — 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
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
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
The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is… — 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 true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the… — Benjamin Graham Copy Share Image
Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only… — Benjamin Graham Copy Share Image
The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable… — Benjamin Graham Copy Share Image
We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via… — 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
The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes… — Benjamin Graham Copy Share Image
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard. — 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
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
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
There is a close logical connection between the concept of a safety margin and the principle of diversification. — 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
Individuals who cannot master their emotions are ill-suited to profit from the investment process. — 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
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. — 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
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
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 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 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 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 Image
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 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
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 Image
The intelligent investor is a realist who sells to optimists and buys from pessimists. — 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 the touchstone… — Benjamin Graham Copy Share Image
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 Image
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 Image
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 Image
The essence of investment management is the management of risks, not the management of returns. — Benjamin Graham Copy Share Image
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 Image
