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
Obvious prospects for physical growth in a business do not translate into obvious profits for investors. — 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 investor's primary interest lies in acquiring and holding suitable securities at suitable prices. — 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
The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend. — 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
“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
“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
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
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
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
“closed at $1.19 per share. Weighing the evidence objectively, the intelligent investor should conclude that IPO does not stand only for “initial… — 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
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
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
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
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 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
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 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
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 intelligent investor is likely to need considerable will power to keep from following the crowd. — Benjamin Graham Copy Share Image
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd. — Benjamin Graham Copy Share Image
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies. — 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
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 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
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 market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks. — 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
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
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 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
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
“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
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 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
