It should be remembered that a decline of 50% fully offsets a preceding advance of 100%. — 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
Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices… — Benjamin Graham Copy Share Image
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep. — Benjamin Graham Copy Share Image
Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good… — 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
Mr. Market's job is to provide you with prices; your job is to decide whether it is to your advantage to act… — Benjamin Graham Copy Share Image
The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted… — Benjamin Graham Copy Share Image
Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only… — 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
No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember… — 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 one principle that applies to nearly all these so-called “technical approaches” is that one should buy because a stock or the… — 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
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
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
The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it… — Benjamin Graham Copy Share Image
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements… — Benjamin Graham Copy Share Image
Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable… — Benjamin Graham Copy Share Image
Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least… — Benjamin Graham Copy Share Image
By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be… — 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
You must never delude yourself into thinking that you're investing when you're speculating. — Benjamin Graham Copy Share Image
“Without a saving faith in the future, no one would ever invest at all.” — 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
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
