Benjamin Graham Quotes

Top 100 wise famous quotes and sayings by Benjamin Graham

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Benjamin Graham Famous Quotes & Sayings

Discover top inspirational quotes from Benjamin Graham on Wise Famous Quotes.

Benjamin Graham quotes: Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment. Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Benjamin Graham quotes: The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern. The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Benjamin Graham quotes: The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan's check-in clerks frantically busy for decades to come. The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan's check-in clerks frantically busy for decades to come.
Benjamin Graham quotes: The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant. The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
Benjamin Graham quotes: The intelligent investor is likely to need considerable will power to keep from following the crowd. The intelligent investor is likely to need considerable will power to keep from following the crowd.
Benjamin Graham quotes: Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety. Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
Benjamin Graham quotes: Investing is most intelligent when it is most businesslike. Investing is most intelligent when it is most businesslike.
Benjamin Graham quotes: Astute observers of corporate balance sheets are often the first to see business deterioration Astute observers of corporate balance sheets are often the first to see business deterioration
Benjamin Graham quotes: Buy not on optimism, but on arithmetic. Buy not on optimism, but on arithmetic.
Benjamin Graham quotes: ... The soundness of the best investments must rest not upon legal rights or remedies but upon ample financial capacity of the enterprise. ... The soundness of the best investments must rest not upon legal rights or remedies but upon ample financial capacity of the enterprise.
Benjamin Graham quotes: Buy cheap and sell dear. Buy cheap and sell dear.
Benjamin Graham quotes: The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies. The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Benjamin Graham quotes: An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
Benjamin Graham quotes: Confusing speculation with investment is always a mistake. Confusing speculation with investment is always a mistake.
Benjamin Graham quotes: Good managements produce a good average market price, and bad managements produce bad market prices. Good managements produce a good average market price, and bad managements produce bad market prices.
Benjamin Graham quotes: ... generally speaking there can be no high-grade obligations of a weak enterprise. ... generally speaking there can be no high-grade obligations of a weak enterprise.
Benjamin Graham quotes: Individuals who cannot master their emotions are ill-suited to profit from the investment process. Individuals who cannot master their emotions are ill-suited to profit from the investment process.
Benjamin Graham quotes: Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years. Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.
Benjamin Graham quotes: The essence of investment management is the management of risks, not the management of returns. The essence of investment management is the management of risks, not the management of returns.
Benjamin Graham quotes: Why should the cotton growers suffer if there is shortage of wheat? Why should the cotton growers suffer if there is shortage of wheat?
Benjamin Graham quotes: It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings. It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Benjamin Graham quotes: The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham quotes: An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd. An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Benjamin Graham quotes: In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand. In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin Graham quotes: The memory of the financial community is proverbially and distressingly short. The memory of the financial community is proverbially and distressingly short.
Benjamin Graham quotes: We must recognize, however, that intrinsic value is an elusive concept. We must recognize, however, that intrinsic value is an elusive concept.
Benjamin Graham quotes: The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right. The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.
Benjamin Graham quotes: At heart, "uncertainty" and "investing" are synonyms. At heart, "uncertainty" and "investing" are synonyms.
Benjamin Graham quotes: ... Bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance. ... Bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance.
Benjamin Graham quotes: Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham quotes: Investment must always consider the price as well as the quality of the security. Investment must always consider the price as well as the quality of the security.
Benjamin Graham quotes: To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks. To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
Benjamin Graham quotes: To be an investor you must be a believer in a better tomorrow. To be an investor you must be a believer in a better tomorrow.
Benjamin Graham quotes: Obvious prospects for physical growth in a business do not translate into obvious profits for investors. Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
Benjamin Graham quotes: Never mingle your speculative and investment operations in the same account nor in any part of your thinking. Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
Benjamin Graham quotes: You must never delude yourself into thinking that you're investing when you're speculating. You must never delude yourself into thinking that you're investing when you're speculating.
Benjamin Graham quotes: The investor's chief problem - and even his worst enemy - is likely to be himself. The investor's chief problem - and even his worst enemy - is likely to be himself.
Benjamin Graham quotes: While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster
Benjamin Graham quotes: The best values today are often found in the stocks that were once hot and have since gone cold. The best values today are often found in the stocks that were once hot and have since gone cold.
Benjamin Graham quotes: Abnormally good or abnormally bad conditions do not last forever. Abnormally good or abnormally bad conditions do not last forever.
Benjamin Graham quotes: An investor calculates what a stock is worth, based on the value of its businesses. An investor calculates what a stock is worth, based on the value of its businesses.
Benjamin Graham quotes: The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend. The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
Benjamin Graham quotes: Wall Street people learn nothing and forget everything. Wall Street people learn nothing and forget everything.
Benjamin Graham quotes: The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong. The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.
Benjamin Graham quotes: You may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing You may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
Benjamin Graham quotes: Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed. Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
Benjamin Graham quotes: A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market. A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
Benjamin Graham quotes: Investing isn't about beating others at their game. It's about controlling yourself at your own game. Investing isn't about beating others at their game. It's about controlling yourself at your own game.
Benjamin Graham quotes: Diversification is an established tenet of conservative investment. Diversification is an established tenet of conservative investment.
Benjamin Graham quotes: The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age". The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".
Benjamin Graham quotes: what Graham called "quotational" values what Graham called "quotational" values
Benjamin Graham quotes: For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
Benjamin Graham quotes: Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains. Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Benjamin Graham quotes: It is absurd to think that the general public can ever make money out of market forecasts. It is absurd to think that the general public can ever make money out of market forecasts.
Benjamin Graham quotes: we advised the readers to buy their stocks as they bought their groceries, not as they bought their perfume. we advised the readers to buy their stocks as they bought their groceries, not as they bought their perfume.
Benjamin Graham quotes: If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume. If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
Benjamin Graham quotes: It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals. It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
Benjamin Graham quotes: An investment operation is one that can be justified on both qualitative and quantitative grounds. An investment operation is one that can be justified on both qualitative and quantitative grounds.
Benjamin Graham quotes: 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. 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.
Benjamin Graham quotes: The only thing you should do with pro forma earnings is ignore them. The only thing you should do with pro forma earnings is ignore them.
Benjamin Graham quotes: The punches you miss are the ones that wear you out. - Boxing trainer Angelo Dundee The punches you miss are the ones that wear you out. - Boxing trainer Angelo Dundee
Benjamin Graham quotes: Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices. Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
Benjamin Graham quotes: ... investors are constitutionally averse to buying into a troubled situation. ... investors are constitutionally averse to buying into a troubled situation.
Benjamin Graham quotes: Analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations. Analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations.
Benjamin Graham quotes: In the short run, the market is a voting machine, but in the long run it is a weighing machine. In the short run, the market is a voting machine, but in the long run it is a weighing machine.
Benjamin Graham quotes: The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion. The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
Benjamin Graham quotes: As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him. As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
Benjamin Graham quotes: By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed. By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
Benjamin Graham quotes: Whether we like it or not, government intervention in the face of surplus is here to stay. Whether we like it or not, government intervention in the face of surplus is here to stay.
Benjamin Graham quotes: I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
Benjamin Graham quotes: Always buy your straw hats in the Winter Always buy your straw hats in the Winter
Benjamin Graham quotes: The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future. The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
Benjamin Graham quotes: plant trees that other men will sit under. plant trees that other men will sit under.
Benjamin Graham quotes: Both individual skill (art) and chance are important factors in determining success or failure. Both individual skill (art) and chance are important factors in determining success or failure.
Benjamin Graham quotes: While a trend shown in the past is a fact, a "future trend" is only an assumption. While a trend shown in the past is a fact, a "future trend" is only an assumption.
Benjamin Graham quotes: The intelligent investor is a realist who sells to optimists and buys from pessimists. The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham quotes: Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise. Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
Benjamin Graham quotes: Do not let anyone else run your business Do not let anyone else run your business
Benjamin Graham quotes: Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
Benjamin Graham quotes: In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.' In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'
Benjamin Graham quotes: There is no room in this philosophy for a middle ground, or a series of gradations, between the passive and aggressive status. Many, There is no room in this philosophy for a middle ground, or a series of gradations, between the passive and aggressive status. Many,
Benjamin Graham quotes: ... the value of the pledged property is vitally dependent on the earning power of the enterprise. ... the value of the pledged property is vitally dependent on the earning power of the enterprise.
Benjamin Graham quotes: If fees consume more than 1% of your assets annually, you should probably shop for another adviser. If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
Benjamin Graham quotes: A great company is not a great investment if you pay too much for the stock. A great company is not a great investment if you pay too much for the stock.
Benjamin Graham quotes: Never buy a stock because it has gone up or sell one because it has gone down. Never buy a stock because it has gone up or sell one because it has gone down.
Benjamin Graham quotes: A speculator gambles that a stock will go up in price because somebody else will pay even more for it. A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
Benjamin Graham quotes: You will be much more in control, if you realize how much you are not in control. You will be much more in control, if you realize how much you are not in control.
Benjamin Graham quotes: The modern world is not geared properly to the storage of goods. The modern world is not geared properly to the storage of goods.
Benjamin Graham quotes: The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
Benjamin Graham quotes: Stocks can be dynamite. Stocks can be dynamite.
Benjamin Graham quotes: There is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture. There is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
Benjamin Graham quotes: To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC). To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
Benjamin Graham quotes: Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before. Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Benjamin Graham quotes: The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason. The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
Benjamin Graham quotes: The sillier the market's behavior, the greater the opportunity for the business like investor. The sillier the market's behavior, the greater the opportunity for the business like investor.
Benjamin Graham quotes: It should be remembered that a decline of 50% fully offsets a preceding advance of 100%. It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham quotes: invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.3 invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.3
Benjamin Graham quotes: Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep. Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin Graham quotes: The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard. The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
Benjamin Graham quotes: We shall dismiss these with the observation that their work does not concern "investors" as the term is used in this book. We shall dismiss these with the observation that their work does not concern "investors" as the term is used in this book.

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