“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
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
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. — Benjamin Graham Copy Share Image
Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C… — 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
As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily… — 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
To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return… — 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
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
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
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
“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
“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
It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at… — 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
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before. — 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
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard. — 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… — 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
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
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
Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to… — Benjamin Graham Copy Share Image
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. — Benjamin Graham Copy Share Image
... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that… — Benjamin Graham Copy Share Image
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the… — 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 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
“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
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
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
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
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
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
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
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
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 determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection… — Benjamin Graham Copy Share Image
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of… — 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
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
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
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
The intelligent investor is a realist who sells to optimists and buys from pessimists. — Benjamin Graham Copy Share
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
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
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
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
The essence of investment management is the management of risks, not the management of returns. — Benjamin Graham Copy Share
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
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. — Benjamin Graham Copy Share
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good… — Benjamin Graham Copy Share
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on… — Benjamin Graham Copy Share
