99+ Benjamin Graham Quotes on The Intelligent Investor - Quotes.pub

Here you will find all the famous Benjamin Graham quotes. There are more than 99+ quotes in our Benjamin Graham quotes collection. We have collected all of them and made stunning Benjamin Graham wallpapers & posters out of those quotes. You can use this wallpapers & posters on mobile, desktop, print and frame them or share them on the various social media platforms. You can download the quotes images in various different sizes for free. In the below list you can find quotes in various categories like The Intelligent Investor

The heart of Graham’s argument is that the intelligent investor must never forecast the future exclusively by extrapolating the past.

Hold an index fund for 20 years or more, adding new money every month, and you are all but certain to outper-forms the vast majority of professional and individual investors alike. Late in his life, Graham praised index funds as the best choice for individual investors, as does Warren Buffett.6.

An elementary requirement for the intelligent investor is an ability to resist the blandishments of salesmen offering new common-stock issues during bull markets.

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 is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

The modern world is not geared properly to the storage of goods.

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.

Whether we like it or not, government intervention in the face of surplus is here to stay.

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 against the white metal can be directed with equal effect against their own fetish.

Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.

The punches you miss are the ones that wear you out. – Boxing trainer Angelo Dundee.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

Astute observers of corporate balance sheets are often the first to see business deterioration.

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.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

The most dangerous untruths are truths slightly distorted. – G. C. Lichtenberg.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go. In the end, what matters isn’t crossing the finish line before anybody else but just making sure that you do cross it.8.

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.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.

Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.

Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

Since the profits that companies can earn are finite, the price that investors should be willing to pay for stocks must also be finite.

An investor calculates what a stock is worth, based on the value of its businesses.

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.

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

You will be much more in control, if you realize how much you are not in control.

You’ve got to be careful if you don’t know where you’re going, ’cause you might not get there. – Yogi Berra.

Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.

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 business conditions. The purchasers view the good current earnings as equivalent to ‘earning power’ and assume that prosperity is equivalent to safety.

Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline.

Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.

It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.

The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.

The purchase of a bargain issue presupposes that the market’s current appraisal is wrong, or at least that the buyer’s idea of value is more likely to be right than the market’s. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

1
2
3
4
5