A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market. — Benjamin Graham Copy Share Image
The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be… — 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
Diversification is an established tenet of conservative investment. — Benjamin Graham Copy Share Image
In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will… — Benjamin Graham Copy Share Image
If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role… — 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
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest… — Benjamin Graham Copy Share Image
The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst… — 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 only thing you should do with pro forma earnings is ignore them. — 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
Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions… — Benjamin Graham Copy Share Image
“They ignored Graham’s warning that “the really dreadful losses” always occur after “the buyer forgot to ask ‘How much?’” Most painfully of… — Benjamin Graham Copy Share Image
The memory of the financial community is proverbially and distressingly short. — 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
Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an… — Benjamin Graham Copy Share Image
Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon… — 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 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 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
Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks… — 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
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
