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
“On the other hand, investing is a unique kind of casino—one where you cannot lose in the end, so long as you… — Benjamin Graham Copy Share Image
Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities… — Benjamin Graham Copy Share Image
“I have little confidence even in the ability of analysts, let alone untrained investors, to select common stocks that will give better… — Benjamin Graham Copy Share Image
Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a… — Benjamin Graham Copy Share Image
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies. — 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 investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is… — 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
All the real money in investment will have to be made as most of it has been in the past not out… — 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 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
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 ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price… — Benjamin Graham Copy Share Image
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. — 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 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
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
People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall… — Benjamin Graham Copy Share Image
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of… — Benjamin Graham Copy Share Image
Individuals who cannot master their emotions are ill-suited to profit from the investment process. — Benjamin Graham Copy Share Image
There is a close logical connection between the concept of a safety margin and the principle of diversification. — Benjamin Graham Copy Share Image
The value of any investment is, and always must be, a function of the price you pay for it. — 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
