The investor's chief problem - and even his worst enemy - is likely to be himself. — Benjamin Graham Copy Share Image
Obvious prospects for physical growth in a business do not translate into obvious profits for investors. — Benjamin Graham Copy Share Image
An investor calculates what a stock is worth, based on the value of its businesses. — Benjamin Graham Copy Share Image
The sillier the market's behavior, the greater the opportunity for the business like investor. — Benjamin Graham Copy Share Image
The intelligent investor is a realist who sells to optimists and buys from pessimists. — 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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. — Benjamin Graham Copy Share Image
The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual… — 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
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
The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could… — 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
To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and… — 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
Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or… — Benjamin Graham Copy Share Image
The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925… — Benjamin Graham Copy Share Image
Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions… — Benjamin Graham Copy Share Image
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by… — Benjamin Graham Copy Share Image
we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete… — 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
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
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
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
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
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
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest… — 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
The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the… — 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 true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to… — Benjamin Graham Copy Share Image
In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a… — 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
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
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
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
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 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
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 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
