--- title: "Meaning & Key Takeaway of: The \"new-era\" doctrine - that \"good\"…" description: "\"“The \"new-era\" doctrine - that \"good\" stocks (or \"blue chips\") were sound investments regardless of how high the price paid for them - was at the botto..." image: "https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg" --- # The "new-era" doctrine - that "good" stocks (or "blue… ![“The "new-era" doctrine - that "good" stocks (or "blue chips") were sound investments regardless of how high the price paid for them - was at the bottom only a means of rationalizing under the title of "investment" the well-nigh universal capitulation to the gambling fever/” quote by Benjamin Graham](https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg) [Download](https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg) [Open image](https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg) > ““The "new-era" doctrine - that "good" stocks (or "blue chips") were sound investments regardless of how high the price paid for them - was at the bottom only a means of rationalizing under the title of "investment" the well-nigh universal capitulation to the gambling fever/”” [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 often justify buying expensive, popular stocks as safe, but this rationalization hides speculative behavior. **In simple terms:** People call risky, pricey stocks “good” to feel safe. Key Takeaway Question hype, focus on fundamentals. Themes investment speculation behavioral finance risk management Mood cautious analytical Type advisory educational When to use this quote - stock selection - portfolio construction - risk assessment - financial education Key Concepts rationalization market psychology value investing Questions to Reflect On - Are you buying because of price or fundamentals? - How does hype affect your decisions? A Different Perspective Overlooking intrinsic value can lead to losses. ★ ★ ★ ★ ★ No ratings yet [Blue chips](https://sms4smile.com/quotes/about/blue-chips-21760/) [Capitulation Gambling](https://sms4smile.com/quotes/about/capitulation-gambling-4550908/) [Customer](https://sms4smile.com/quotes/about/customer/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investment Nigh](https://sms4smile.com/quotes/about/investment-nigh-4550907/) [Investments Regardless](https://sms4smile.com/quotes/about/investments-regardless-4550909/) [Sound Investments](https://sms4smile.com/quotes/about/sound-investments-4550910/) ## Related quotes > [People should think about their closets like they think about a stock portfolio. 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I've adopted the term…](https://sms4smile.com/quotes/barry-ritholtz/amongst-the-financial-twitterati-the-term-muppets-has-come-to/) [Barry Ritholtz](https://sms4smile.com/quotes/author/barry-ritholtz/) > [“Start a business, not a startup”](https://sms4smile.com/quotes/anonymous/start-a-business-not-a-startup/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) ## 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. 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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 Blue chips quotes > [I felt I was good in basketball but I wasn't a blue-chip prospect.](https://sms4smile.com/quotes/derrek-lee/i-felt-i-was-good-in-basketball-but-i-wasn-t-a-blue-chip-prospect/) [Derrek Lee](https://sms4smile.com/quotes/author/derrek-lee/) > [You see far more swings and misses on can't-miss football recruits than basketball blue chips.](https://sms4smile.com/quotes/skip-bayless/you-see-far-more-swings-and-misses-on-can-t-miss-football-recruits/) [Skip Bayless](https://sms4smile.com/quotes/author/skip-bayless/) > [Everybody in the world is talking about Canada…outside of the US, there is probably no country in the world that is producing more blue-chip…](https://sms4smile.com/quotes/george-raveling/everybody-in-the-world-is-talking-about-canada-outside-of-the-us/) [George Raveling](https://sms4smile.com/quotes/author/george-raveling/) > [“The three of us exchanged glances but said nothing. After all, what was there to say? The truth was that hookers did take credit…](https://sms4smile.com/quotes/jordan-belfort/the-three-of-us-exchanged-glances-but-said-nothing-after-all-what-was/) [Jordan Belfort](https://sms4smile.com/quotes/author/jordan-belfort/) > [As an accountant by trade, my work for blue chip companies took me all over the world.](https://sms4smile.com/quotes/marta-andreasen/as-an-accountant-by-trade-my-work-for-blue-chip-companies-took-me-all/) [Marta Andreasen](https://sms4smile.com/quotes/author/marta-andreasen/) > [As blue chips turn into penny stocks, Wall Street seems less like a symbol of America's macho capitalism and more like that famous Jane…](https://sms4smile.com/quotes/maureen-dowd/as-blue-chips-turn-into-penny-stocks-wall-street-seems-less-like-a/) [Maureen Dowd](https://sms4smile.com/quotes/author/maureen-dowd/) > [People should think about their closets like they think about a stock portfolio. There are things you want to invest in; you make those…](https://sms4smile.com/quotes/jennifer-hyman/people-should-think-about-their-closets-like-they-think-about-a-stock/) [Jennifer Hyman](https://sms4smile.com/quotes/author/jennifer-hyman/) [Browse all 8 Blue chips quotes ](https://sms4smile.com/quotes/about/blue-chips-21760/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "“The \"new-era\" doctrine - that \"good\" stocks (or \"blue chips\") were sound investments regardless of how high the price paid for them - was at the bottom only a means of rationalizing under the title of \"investment\" the well-nigh universal capitulation to the gambling fever/”", "creator": { "@type": "Person", "name": "Benjamin Graham" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/benjamin-graham/the-new-era-doctrine-that-good-stocks-or-blue-chips-were-sound/", "about": { "@type": "Thing", "name": "Blue chips" }, "@id": "https://sms4smile.com/quotes/benjamin-graham/the-new-era-doctrine-that-good-stocks-or-blue-chips-were-sound/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg", "contentUrl": "https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg", "url": "https://sms4smile.com/quotes/i/419/benjamin-graham-1531_blue-chips_the-new-era-doctrine-that-good-stocks-or_1344252.jpg", "width": 1080, "height": 1080, "caption": "“The \"new-era\" doctrine - that \"good\" stocks (or \"blue chips\") were sound investments regardless of how high…” — 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": "“The \"new-era\" doctrine - that \"good\"...", "item": "https://sms4smile.com/quotes/benjamin-graham/the-new-era-doctrine-that-good-stocks-or-blue-chips-were-sound/" } ], "@id": "https://sms4smile.com/quotes/benjamin-graham/the-new-era-doctrine-that-good-stocks-or-blue-chips-were-sound/#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 } } ] } ```