A great company is not a great investment if you pay too much for the stock. — Benjamin Graham Copy Share Image
“Without a saving faith in the future, no one would ever invest at all.” — 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 intelligent investor is a realist who sells to optimists and buys from pessimists. — Benjamin Graham Copy Share Image
The memory of the financial community is proverbially and distressingly short. — Benjamin Graham Copy Share Image
It is absurd to think that the general public can ever make money out of market forecasts. — Benjamin Graham Copy Share Image
You must never delude yourself into thinking that you're investing when you're speculating. — 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
A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market. — 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
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
“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
The best values today are often found in the stocks that were once hot and have since gone cold. — 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
“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
In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional… — 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
We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not… — 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
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection… — 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 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
“risks therein must be assumed by someone. * There is intelligent speculation as there is intelligent investing. But there are many ways… — 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
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
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
“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
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
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
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
