--- title: "Meaning & Key Takeaway of: People who invest make money for…" description: "\"People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downp..." image: "https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg" --- # People who invest make money for themselves; people who… ![“People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.” quote by Benjamin Graham](https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg) [Download](https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg) [Open image](https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg) > “People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.” [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors seek personal wealth growth, while speculators profit mainly for intermediaries, leading to a systemic bias favoring speculation over sound investing. **In simple terms:** Investing benefits you; speculation benefits brokers. Key Takeaway Prioritize long‑term investing over short‑term speculation. Themes finance behavioral economics wealth building Mood cautious analytical Type educational thought‑provoking When to use this quote - personal portfolios - financial advising - educational seminars - policy discussions Key Concepts risk management market psychology Questions to Reflect On - What long‑term benefits do you value most? - How can you guard against speculative temptations? A Different Perspective Speculation can sometimes yield higher short‑term returns, tempting investors. ★ ★ ★ ★ ★ No ratings yet [Appeals](https://sms4smile.com/quotes/about/appeals/) [Brokers](https://sms4smile.com/quotes/about/brokers/) [Brokers Turn](https://sms4smile.com/quotes/about/brokers-turn-5126683/) [Customer](https://sms4smile.com/quotes/about/customer/) [Gaudy](https://sms4smile.com/quotes/about/gaudy/) [Hype](https://sms4smile.com/quotes/about/hype/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investing Hypes](https://sms4smile.com/quotes/about/investing-hypes-5126682/) [Making money](https://sms4smile.com/quotes/about/making-money/) [Money](https://sms4smile.com/quotes/about/money/) [People](https://sms4smile.com/quotes/about/people/) [People Invest](https://sms4smile.com/quotes/about/people-invest-351507/) [Speculation](https://sms4smile.com/quotes/about/speculation/) [Streets](https://sms4smile.com/quotes/about/streets/) [Turns](https://sms4smile.com/quotes/about/turns/) [Virtue](https://sms4smile.com/quotes/about/virtue/) [Wall](https://sms4smile.com/quotes/about/wall/) [Wall St](https://sms4smile.com/quotes/about/wall-st/) [Wall street](https://sms4smile.com/quotes/about/wall-street/) ## Related quotes > [India should emerge as a destination that attracts people to invest here, which, in turn, will give a boost to investment, industrial growth and…](https://sms4smile.com/quotes/anurag-thakur/india-should-emerge-as-a-destination-that-attracts-people-to-invest/) [Anurag Thakur](https://sms4smile.com/quotes/author/anurag-thakur/) > [I want people to understand how money works and how people invest.](https://sms4smile.com/quotes/bobby-wagner/i-want-people-to-understand-how-money-works-and-how-people-invest/) [Bobby Wagner](https://sms4smile.com/quotes/author/bobby-wagner/) > [And I kind of feel that I have a responsibility to the people that invest their time and money with me to show up…](https://sms4smile.com/quotes/john-frankenheimer/and-i-kind-of-feel-that-i-have-a-responsibility-to-the-people-that/) [John Frankenheimer](https://sms4smile.com/quotes/author/john-frankenheimer/) > [Sophisticated people invest their money in stock portfolios. Rednecks invest their money in commemorative plates.](https://sms4smile.com/quotes/jeff-foxworthy/sophisticated-people-invest-their-money-in-stock-portfolios-rednecks/) [Jeff Foxworthy](https://sms4smile.com/quotes/author/jeff-foxworthy/) > [I just want my kids to see that when you serve and put other people first and invest in other people it will come…](https://sms4smile.com/quotes/eric-thomas/i-just-want-my-kids-to-see-that-when-you-serve-and-put-other-people/) [Eric Thomas](https://sms4smile.com/quotes/author/eric-thomas/) > [TV is a big business. In some ways, it's surpassed films, in terms of the way people invest in these shows and invest in…](https://sms4smile.com/quotes/jamie-bell/tv-is-a-big-business-in-some-ways-it-s-surpassed-films-in-terms-of/) [Jamie Bell](https://sms4smile.com/quotes/author/jamie-bell/) > [I wouldn't ask other people to invest in my race if I wasn't willing to invest in it myself.](https://sms4smile.com/quotes/jared-polis/i-wouldn-t-ask-other-people-to-invest-in-my-race-if-i-wasn-t-willing/) [Jared Polis](https://sms4smile.com/quotes/author/jared-polis/) > [The only thing that I know for sure is that the people who invest in the U.K., those investors, believe strongly that the ramifications…](https://sms4smile.com/quotes/steve-eisman/the-only-thing-that-i-know-for-sure-is-that-the-people-who-invest-in/) [Steve Eisman](https://sms4smile.com/quotes/author/steve-eisman/) > [I always invest my own money in the companies that I create. I don't believe in the whole thing of just using other people's…](https://sms4smile.com/quotes/elon-musk/i-always-invest-my-own-money-in-the-companies-that-i-create-i-don-t/) [Elon Musk](https://sms4smile.com/quotes/author/elon-musk/) > [People invest in companies in order to get a share of the profit that company will make. If the Government increases its share of…](https://sms4smile.com/quotes/malcolm-turnbull/people-invest-in-companies-in-order-to-get-a-share-of-the-profit-that/) [Malcolm Turnbull](https://sms4smile.com/quotes/author/malcolm-turnbull/) > [“Most people do not invest their time because they do not see need to do that.”](https://sms4smile.com/quotes/sunday-adelaja/most-people-do-not-invest-their-time-because-they-do-not-see-need-to/) [Sunday Adelaja](https://sms4smile.com/quotes/author/sunday-adelaja/) > [Rich people invest money and poor people spend it.](https://sms4smile.com/quotes/grant-cardone/rich-people-invest-money-and-poor-people-spend-it/) [Grant Cardone](https://sms4smile.com/quotes/author/grant-cardone/) > [ \[The American people\] would rather invest in themselves than listen to a bunch of people in Washington who do not have a record of… ](https://sms4smile.com/quotes/rush-limbaugh/the-american-people-would-rather-invest-in-themselves-than-listen-to/) [Rush Limbaugh](https://sms4smile.com/quotes/author/rush-limbaugh/) > [The more you know about your country, your people, you invest better in your craft.](https://sms4smile.com/quotes/ayushmann-khurrana/the-more-you-know-about-your-country-your-people-you-invest-better-in/) [Ayushmann Khurrana](https://sms4smile.com/quotes/author/ayushmann-khurrana/) > [Sometimes, the people we invest the most time in disappoint us the most.](https://sms4smile.com/quotes/mike-tyson/sometimes-the-people-we-invest-the-most-time-in-disappoint-us-the-most/) [Mike Tyson](https://sms4smile.com/quotes/author/mike-tyson/) ## 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/) [Explore all 229 Benjamin Graham quotes ](https://sms4smile.com/quotes/author/benjamin-graham/) ## More Appeals quotes > [Quotations can be valuable, like raisins in the rice pudding, for adding iron as well as eye appeal.](https://sms4smile.com/quotes/peg-bracken/quotations-can-be-valuable-like-raisins-in-the-rice-pudding-for/) [Peg Bracken](https://sms4smile.com/quotes/author/peg-bracken/) > [If Robert Heinlein is more to your taste than George Lucas: “If you are part of a society that votes, then do so. There…](https://sms4smile.com/quotes/kevin-drum/if-robert-heinlein-is-more-to-your-taste-than-george-lucas-if-you-are/) [Kevin Drum](https://sms4smile.com/quotes/author/kevin-drum/) > [All the cliches of glamorous sophistication have little appeal to me. Do I want to live the British version of 'Dynasty?' No thanks!](https://sms4smile.com/quotes/sade-adu/all-the-cliches-of-glamorous-sophistication-have-little-appeal-to-me/) [Sade Adu](https://sms4smile.com/quotes/author/sade-adu/) > [It's an appeal as old as America and its presidency: This is an extraordinary country populated by hard-working, big-dreaming, freedom-loving people graced by God…](https://sms4smile.com/quotes/ron-fournier/it-s-an-appeal-as-old-as-america-and-its-presidency-this-is-an/) [Ron Fournier](https://sms4smile.com/quotes/author/ron-fournier/) > [I liked wrestling a lot better than boxing. I remember thinking at that time that wrestling was a pure demonstration of strength, which I…](https://sms4smile.com/quotes/scott-carpenter/i-liked-wrestling-a-lot-better-than-boxing-i-remember-thinking-at/) [Scott Carpenter](https://sms4smile.com/quotes/author/scott-carpenter/) > [As a social and as a personal force, religion has become a dependent variable. It does not originate; it reacts. It does not denounce;…](https://sms4smile.com/quotes/c-wright-mills/as-a-social-and-as-a-personal-force-religion-has-become-a-dependent/) [C. Wright Mills](https://sms4smile.com/quotes/author/c-wright-mills/) > [The ascent of any route begins, in dreams at least, the autumn before. Our minds ring, involuntarily, with the alluring names of mountains, aiguilles,…](https://sms4smile.com/quotes/gaston-rebuffat/the-ascent-of-any-route-begins-in-dreams-at-least-the-autumn-before/) [Gaston Rebuffat](https://sms4smile.com/quotes/author/gaston-rebuffat/) > [I sometimes find that my family's emphasis on stories, characters, and art that appeals directly to children rather than over their heads to adults…](https://sms4smile.com/quotes/mike-berenstain/i-sometimes-find-that-my-family-s-emphasis-on-stories-characters-and/) [Mike Berenstain](https://sms4smile.com/quotes/author/mike-berenstain/) > [Vice is its own reward. It is virtue which, if it is to be marketed with consumer appeal, must carry Green Shield stamps.](https://sms4smile.com/quotes/quentin-crisp/vice-is-its-own-reward-it-is-virtue-which-if-it-is-to-be-marketed/) [Quentin Crisp](https://sms4smile.com/quotes/author/quentin-crisp/) > [In my early teens, science fiction and fantasy had an almost-total hold over my imagination. Their outcast status was part of their appeal.](https://sms4smile.com/quotes/hari-kunzru/in-my-early-teens-science-fiction-and-fantasy-had-an-almost-total/) [Hari Kunzru](https://sms4smile.com/quotes/author/hari-kunzru/) > [The fact is that there is a profound spiritual hunger in the western world which, for a variety of reasons, its church is no…](https://sms4smile.com/quotes/melanie-phillips/the-fact-is-that-there-is-a-profound-spiritual-hunger-in-the-western/) [Melanie Phillips](https://sms4smile.com/quotes/author/melanie-phillips/) > [People can talk about punk all they want, but after new wave put that down, metal is the voice of the disenfranchised and that…](https://sms4smile.com/quotes/corey-taylor/people-can-talk-about-punk-all-they-want-but-after-new-wave-put-that/) [Corey Taylor](https://sms4smile.com/quotes/author/corey-taylor/) > [Appeal to all scholars of stupidity in the world. Come to Italy, this country has the highest rate of morons of the universe, especially…](https://sms4smile.com/quotes/william-c-brown/appeal-to-all-scholars-of-stupidity-in-the-world-come-to-italy-this/) [William C. Brown](https://sms4smile.com/quotes/author/william-c-brown/) > [Popular thought appeals to crowds, gatherings and tribes, who use it as a way to guide the herd. It is very evident in protests…](https://sms4smile.com/quotes/corey-taylor/popular-thought-appeals-to-crowds-gatherings-and-tribes-who-use-it-as/) [Corey Taylor](https://sms4smile.com/quotes/author/corey-taylor/) > [It is a law of nature we overlook, that intellectual versatility is the compensation for change, danger, and trouble. An animal perfectly in harmony…](https://sms4smile.com/quotes/anonymous/it-is-a-law-of-nature-we-overlook-that-intellectual-versatility-is/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) [Browse all 1,420 Appeals quotes ](https://sms4smile.com/quotes/about/appeals/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.", "creator": { "@type": "Person", "name": "Benjamin Graham" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/benjamin-graham/people-who-invest-make-money-for-themselves-people-who-speculate-make/", "about": { "@type": "Thing", "name": "Appeals" }, "@id": "https://sms4smile.com/quotes/benjamin-graham/people-who-invest-make-money-for-themselves-people-who-speculate-make/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg", "contentUrl": "https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg", "url": "https://sms4smile.com/quotes/i/225/benjamin-graham-1531_appeals_people-who-invest-make-money-for-themsel_2248563.jpg", "width": 1080, "height": 1080, "caption": "“People who invest make money for themselves; people who speculate make money for their brokers. And that, in…” — Benjamin Graham", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Benjamin Graham", "item": "https://sms4smile.com/quotes/author/benjamin-graham/" }, { "@type": "ListItem", "position": 4, "name": "People who invest make money for...", "item": "https://sms4smile.com/quotes/benjamin-graham/people-who-invest-make-money-for-themselves-people-who-speculate-make/" } ], "@id": "https://sms4smile.com/quotes/benjamin-graham/people-who-invest-make-money-for-themselves-people-who-speculate-make/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```