Incorrigible Quote by Benjamin Graham^David L.Dodd
““The speculative public is incorrigible. In financial terms it cannot count beyond 3.””
About This Quote
Source Book: Security Analysis, Benjamin Graham and David L. Dodd, 1934
The speculative market is unreliable; it cannot be trusted beyond three levels of analysis.
In simple terms: Speculation is unreliable past three steps.
Limit reliance on speculation.
Themes
Mood
Type
When to use this quote
- stock trading
- portfolio building
- risk assessment
Key Concepts
Questions to Reflect On
- When is speculation justified?
- How many analytical layers are sufficient?
Speculation can sometimes yield insight; over‑caution may miss opportunities.