Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can… — 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
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
Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains. — 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
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more… — 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
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
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 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
