In the short run, the market is a voting machine, but in the long run it is a weighing machine. — Benjamin Graham Copy Share Image
While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster — Benjamin Graham Copy Share Image
If fees consume more than 1% of your assets annually, you should probably shop for another adviser. — Benjamin Graham Copy Share Image
A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with… — Benjamin Graham Copy Share Image
If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what's… — 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
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason. — 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
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
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
“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
It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after… — Benjamin Graham Copy Share Image
In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact… — 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
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
Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is… — 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
A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market. — 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
The essence of investment management is the management of risks, not the management of returns. — 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 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
“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 "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
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
The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines… — Benjamin Graham Copy Share Image
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able… — Benjamin Graham Copy Share Image
Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor… — Benjamin Graham Copy Share Image
We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let… — Benjamin Graham Copy Share Image
The thing that I have been emphasizing in my own work for the last few years has been the group approach. To… — Benjamin Graham Copy Share Image
By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end,… — 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
In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced,… — Benjamin Graham Copy Share Image
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 has a right to expect good results to flow from a consistent and courageous application of the principle of buying… — 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
Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached,… — Benjamin Graham Copy Share Image
The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He… — 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
