In the short run, the market is a voting machine, but in the long run it is a weighing machine. — Benjamin Graham Copy Share Image
Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved… — Benjamin Graham Copy Share Image
Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by… — Benjamin Graham Copy Share Image
Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business… — 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
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
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
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
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
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 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
