Benjamin Graham Quotes
Collection of top 100 famous quotes about Benjamin Graham
Benjamin Graham Quotes & Sayings
Happy to read and share the best inspirational Benjamin Graham quotes, sayings and quotations on Wise Famous 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.
— Benjamin Graham
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
— Benjamin Graham
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
The intelligent investor is likely to need considerable will power to keep from following the crowd.
— Benjamin Graham
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
— Benjamin Graham
Investing is most intelligent when it is most businesslike.
— Benjamin Graham
Astute observers of corporate balance sheets are often the first to see business deterioration
— Benjamin Graham
Buy not on optimism, but on arithmetic.
— Benjamin Graham
... The soundness of the best investments must rest not upon legal rights or remedies but upon ample financial capacity of the enterprise.
— Benjamin Graham
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
— Benjamin Graham
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
— Benjamin Graham
She felt dirty, ugly and tired. She felt like a marshmallow heading into a house fire armed with chocolate and graham crackers.
— Benjamin R. Smith
Confusing speculation with investment is always a mistake.
— Benjamin Graham
Good managements produce a good average market price, and bad managements produce bad market prices.
— Benjamin Graham
... generally speaking there can be no high-grade obligations of a weak enterprise.
— Benjamin Graham
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
— Benjamin Graham
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
Why should the cotton growers suffer if there is shortage of wheat?
— Benjamin Graham
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
— Benjamin Graham
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
— Benjamin Graham
Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
— Benjamin Graham
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
— Benjamin Graham
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
— Benjamin Graham
We must recognize, however, that intrinsic value is an elusive concept.
— Benjamin Graham
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
At heart, "uncertainty" and "investing" are synonyms.
— Benjamin Graham
The value of any investment is, and always must be, a function of the price you pay for it.
— Benjamin Graham
... Bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance.
— Benjamin Graham
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
— Benjamin Graham
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
— Benjamin Graham
To be an investor you must be a believer in a better tomorrow.
— Benjamin Graham
Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
— Benjamin Graham
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
— Benjamin Graham
Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
— Benjamin Graham
You must never delude yourself into thinking that you're investing when you're speculating.
— Benjamin Graham
The investor's chief problem - and even his worst enemy - is likely to be himself.
— Benjamin Graham
While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster
— Benjamin Graham
The best values today are often found in the stocks that were once hot and have since gone cold.
— Benjamin Graham
Abnormally good or abnormally bad conditions do not last forever.
— Benjamin Graham
Stock speculation is largely a matter of A trying to decide what B, C and D
are likely to think-with B, C and D trying to do the same. — Benjamin Graham
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic,
— Benjamin Graham
An investor calculates what a stock is worth, based on the value of its businesses.
— 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 the word "age".
— Benjamin Graham
The modern world is not geared properly to the storage of goods.
— 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.
— Benjamin Graham
An investment operation is one that can be justified on both qualitative and quantitative grounds.
— Benjamin Graham
A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
— Benjamin Graham
Wall Street people learn nothing and forget everything.
— Benjamin Graham
we advised the readers to buy their stocks as they bought their groceries, not as they bought their perfume.
— Benjamin Graham
Diversification is an established tenet of conservative investment.
— Benjamin Graham
Investing isn't about beating others at their game. It's about controlling yourself at your own game.
— Benjamin Graham
Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
— Benjamin Graham
It is absurd to think that the general public can ever make money out of market forecasts.
— Benjamin Graham
Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
— Benjamin Graham
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
what Graham called "quotational" values
— Benjamin Graham
The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.
— Benjamin Graham
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
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
— Benjamin Graham
The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
— Benjamin Graham
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
Always buy your straw hats in the Winter
— Benjamin Graham
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
— Benjamin Graham
plant trees that other men will sit under.
— Benjamin Graham
Both individual skill (art) and chance are important factors in determining success or failure.
— Benjamin Graham
There is a close logical connection between the concept of a safety margin and the principle of diversification.
— Benjamin Graham
While a trend shown in the past is a fact, a "future trend" is only an assumption.
— Benjamin Graham
The trend is, in fact, a statement of future prospects in the form of an exact prediction.
— Benjamin Graham
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
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
— Benjamin Graham
Do not let anyone else run your business
— Benjamin Graham
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
— Benjamin Graham
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
The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
— Benjamin Graham
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
... the value of the pledged property is vitally dependent on the earning power of the enterprise.
— Benjamin Graham
If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
— Benjamin Graham
By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.
— Seth Klarman
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
— Benjamin Graham
Stocks can be dynamite.
— Benjamin Graham
The concept of safety can be really useful only if it is based on something more tangible than the psychology of the purchaser.
— Benjamin Graham
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
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
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
— Benjamin Graham
The sillier the market's behavior, the greater the opportunity for the business like investor.
— Benjamin Graham
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
The analyst's conclusions must always rest upon the figures and upon established tests and standards.
— Benjamin Graham
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
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
— Benjamin Graham
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
— Benjamin Graham
We shall dismiss these with the observation that their work does not concern "investors" as the term is used in this book.
— Benjamin Graham
The intelligent investor is a realist who sells to optimists and buys from pessimists.
— Benjamin Graham
