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
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
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
The only thing you should do with pro forma earnings is ignore them. — 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 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
Why should the cotton growers suffer if there is shortage of wheat? — 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
If fees consume more than 1% of your assets annually, you should probably shop for another adviser. — Benjamin Graham Copy Share Image
Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they… — 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
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
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
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
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%. — 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
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
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
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
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
