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 only thing you should do with pro forma earnings is ignore them. — 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
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
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings. — 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
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
When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him… — 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
