It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept… — Benjamin Graham Copy Share Image
The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his… — 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
“We recommended that the investor divide his holdings between high-grade bonds and leading common stocks; that the proportion held in bonds be… — 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
“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 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 best way to measure your investing success is not by whether you're beating the market but by whether you've put in… — 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
It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity -… — Benjamin Graham Copy Share Image
“The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan's check-in clerks frantically busy for decades to come.” — 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
For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some… — Benjamin Graham Copy Share Image
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic… — Benjamin Graham Copy Share Image
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored. — 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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. — 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
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 "new-era" doctrine - that "good" stocks (or "blue chips") were sound investments regardless of how high the price paid for them… — 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
Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices,… — 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
“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
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
