---
title: "19 Should Quotes By Benjamin Graham"
description: "19 Should quotes by Benjamin Graham. Plus more from Benjamin Graham and more Should sayings from other authors."
image: "https://sms4smile.com/quotes/i/c34/benjamin-graham-1531_earning_the-only-thing-you-should-do-with-pro-fo_672446.jpg"
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> [The only thing you should do with pro forma earnings is ignore them.](https://sms4smile.com/quotes/benjamin-graham/the-only-thing-you-should-do-with-pro-forma-earnings-is-ignore-them/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/c34/benjamin-graham-1531_earning_the-only-thing-you-should-do-with-pro-fo_672446.jpg)

> [It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.](https://sms4smile.com/quotes/benjamin-graham/it-should-be-remembered-that-a-decline-of-50-fully-offsets-a/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/36d/benjamin-graham-1531_decline_it-should-be-remembered-that-a-decline-o_2790127.jpg)

> [Why should the cotton growers suffer if there is shortage of wheat?](https://sms4smile.com/quotes/benjamin-graham/why-should-the-cotton-growers-suffer-if-there-is-shortage-of-wheat/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/a12/benjamin-graham-1531_cotton_why-should-the-cotton-growers-suffer-if_1348155.jpg)

> [If fees consume more than 1% of your assets annually, you should probably shop for another adviser.](https://sms4smile.com/quotes/benjamin-graham/if-fees-consume-more-than-1-of-your-assets-annually-you-should/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/0a3/benjamin-graham-1531_adviser_if-fees-consume-more-than-1-of-your-asse_1510421.jpg)

> [The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could…](https://sms4smile.com/quotes/benjamin-graham/the-investor-should-be-aware-that-even-though-safety-of-its-principal/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/675/benjamin-graham-1531_interest_the-investor-should-be-aware-that-even-t_1488747.jpg)

> [The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.](https://sms4smile.com/quotes/benjamin-graham/the-intelligent-investor-should-recognize-that-market-panics-can/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/9f0/benjamin-graham-1531_anxiety_the-intelligent-investor-should-recogniz_1972394.jpg)

> [Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon…](https://sms4smile.com/quotes/benjamin-graham/only-in-the-exceptional-case-where-the-integrity-and-competence-of/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/9cf/benjamin-graham-1531_advice_only-in-the-exceptional-case-where-the-i_782880.jpg)

> [Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can…](https://sms4smile.com/quotes/benjamin-graham/even-defensive-portfolios-should-be-changed-from-time-to-time/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/a96/benjamin-graham-1531_changed_even-defensive-portfolios-should-be-chan_295547.jpg)

> [The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it…](https://sms4smile.com/quotes/benjamin-graham/the-intelligent-investor-shouldn-t-ignore-mr-market-entirely-instead/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/2b2/benjamin-graham-1531_business_the-intelligent-investor-shouldn-t-ignor_3070517.jpg)

> [Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor…](https://sms4smile.com/quotes/benjamin-graham/most-businesses-change-in-character-and-quality-over-the-years/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/2fb/benjamin-graham-1531_business_most-businesses-change-in-character-and_2246550.jpg)

> [Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they…](https://sms4smile.com/quotes/benjamin-graham/experience-teaches-that-the-time-to-buy-stocks-is-when-their-price-is/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/7b9/benjamin-graham-1531_adversity_experience-teaches-that-the-time-to-buy_1629719.jpg)

> [The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted…](https://sms4smile.com/quotes/benjamin-graham/the-underlying-principles-of-sound-investment-should-not-alter-from/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/12b/benjamin-graham-1531_adapted_the-underlying-principles-of-sound-inves_2876989.jpg)

> [The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925…](https://sms4smile.com/quotes/benjamin-graham/the-reader-can-test-his-own-psychology-by-asking-himself-whether-he/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/c62/benjamin-graham-1531_able_the-reader-can-test-his-own-psychology-b_802497.jpg)

> [It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at…](https://sms4smile.com/quotes/benjamin-graham/it-always-seemed-and-still-seems-ridiculously-simple-to-say-that-if/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/d3e/benjamin-graham-1531_acquire_it-always-seemed-and-still-seems-ridicul_238303.jpg)

> [All the real money in investment will have to be made as most of it has been in the past not out…](https://sms4smile.com/quotes/benjamin-graham/all-the-real-money-in-investment-will-have-to-be-made-as-most-of-it/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/ec7/benjamin-graham-1531_buying_all-the-real-money-in-investment-will-ha_2010379.jpg)

> [The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines…](https://sms4smile.com/quotes/benjamin-graham/the-investor-with-a-portfolio-of-sound-stocks-should-expect-their/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/5ee/benjamin-graham-1531_advantage_the-investor-with-a-portfolio-of-sound-s_1976530.jpg)

> [In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact…](https://sms4smile.com/quotes/benjamin-graham/in-other-words-the-market-is-not-a-weighing-machine-on-which-the/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/41b/benjamin-graham-1531_choices_in-other-words-the-market-is-not-a-weigh_2938420.jpg)

> [The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able…](https://sms4smile.com/quotes/benjamin-graham/the-individual-investor-should-act-consistently-as-an-investor-and/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/60c/benjamin-graham-1531_able_the-individual-investor-should-act-consi_3060156.jpg)

> [The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest…](https://sms4smile.com/quotes/benjamin-graham/the-most-realistic-distinction-between-the-investor-and-the/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

[Image](https://sms4smile.com/quotes/i/afa/benjamin-graham-1531_attitude_the-most-realistic-distinction-between-t_613703.jpg)

## Other authors on Should

## More by Benjamin Graham

> [The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.](https://sms4smile.com/quotes/benjamin-graham/the-purpose-of-this-book-is-to-supply-in-the-form-suitable-for-laymen/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that…](https://sms4smile.com/quotes/benjamin-graham/there-is-something-paradoxical-in-the-fact-that-by-establishing-an/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.](https://sms4smile.com/quotes/benjamin-graham/those-with-the-enterprise-lack-the-money-and-those-with-the-money/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [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.](https://sms4smile.com/quotes/benjamin-graham/it-must-be-fundamentally-wrong-to-reduce-production-of-food-and-fiber/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [The intelligent investor is a realist who sells to optimists and buys from pessimists.](https://sms4smile.com/quotes/benjamin-graham/the-intelligent-investor-is-a-realist-who-sells-to-optimists-and-buys/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone…](https://sms4smile.com/quotes/benjamin-graham/intelligent-investment-is-more-a-matter-of-mental-approach-than-it-is/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [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…](https://sms4smile.com/quotes/benjamin-graham/many-progressive-economists-insist-that-gold-is-now-in-essentially/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor…](https://sms4smile.com/quotes/benjamin-graham/the-art-of-investment-has-one-characteristic-that-is-not-generally/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to…](https://sms4smile.com/quotes/benjamin-graham/we-have-not-known-a-single-person-who-has-consistently-or-lastingly/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [The essence of investment management is the management of risks, not the management of returns.](https://sms4smile.com/quotes/benjamin-graham/the-essence-of-investment-management-is-the-management-of-risks-not/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [Wall Street people learn nothing and forget everything.](https://sms4smile.com/quotes/benjamin-graham/wall-street-people-learn-nothing-and-forget-everything/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or…](https://sms4smile.com/quotes/benjamin-graham/in-security-analysis-the-prime-stress-is-laid-upon-protection-against/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.](https://sms4smile.com/quotes/benjamin-graham/never-buy-a-stock-immediately-after-a-substantial-rise-or-sell-one/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [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…](https://sms4smile.com/quotes/benjamin-graham/observation-over-many-years-has-taught-us-that-the-chief-losses-to/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

> [No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on…](https://sms4smile.com/quotes/benjamin-graham/no-matter-how-careful-you-are-the-one-risk-no-investor-can-ever/)

[Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/)

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                        "text": "The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925 and buying back at 109 in 1931 was a satisfactory operation. Some may think that an intelligent investor should have been able to sell out much closer to the high of 381 and to buy back nearer the low of 41. If that is your own view you are probably a speculator at heart and will have trouble keeping to true investment precepts while the market rushes up and down.",
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                        "text": "All the real money in investment will have to be made as most of it has been in the past not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.",
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                        "text": "In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.",
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                        "text": "The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.",
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