Benjamin Graham

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

— Benjamin Graham

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

— Benjamin Graham

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

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present…

— Benjamin Graham

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

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

— Benjamin Graham

Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes…

— Benjamin Graham

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher…

— Benjamin Graham

“The psychologists Daniel Kahnerman and Amos Tversky have shown when humans estimate the likelihood or frequency of an event, we make that…

— Benjamin Graham

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via…

— Benjamin Graham

We have been trying to point out that this concept of an indefinitely favorable future is dangerous, even if it is true;…

— Benjamin Graham

The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925…

— 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…

— Benjamin Graham

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity -…

— Benjamin Graham

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him…

— Benjamin Graham

Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only…

— Benjamin Graham

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

— Benjamin Graham

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to…

— Benjamin Graham

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound…

— Benjamin Graham

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will…

— Benjamin Graham

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions…

— Benjamin Graham

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or…

— Benjamin Graham

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and…

— Benjamin Graham

There is a close logical connection between the concept of a safety margin and the principle of diversification.

— Benjamin Graham

Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound…

— Benjamin Graham

“Many skeptics, it is true, are inclined to dismiss the whole procedure [chart reading] as akin to astrology or necromancy; but the…

— Benjamin Graham

“From these two broad examples we draw two morals for our readers: Obvious prospects for physical growth in a business do not…

— Benjamin Graham

“closed at $1.19 per share. Weighing the evidence objectively, the intelligent investor should conclude that IPO does not stand only for “initial…

— Benjamin Graham

Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good…

— Benjamin Graham

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the…

— Benjamin Graham

“They ignored Graham’s warning that “the really dreadful losses” always occur after “the buyer forgot to ask ‘How much?’” Most painfully of…

— Benjamin Graham

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at…

— Benjamin Graham

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon…

— Benjamin Graham

“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

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that…

— Benjamin Graham

“The one principle that applies to nearly all these so-called “technical approaches” is that one should buy because a stock or the…

— Benjamin Graham

The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is…

— Benjamin Graham

The best way to measure your investing success is not by whether you're beating the market but by whether you've put in…

— Benjamin Graham

“The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the…

— Benjamin Graham

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