An investor calculates what a stock is worth, based on the value of its businesses. Benjamin Graham More Quotes by Benjamin Graham More Quotes From Benjamin Graham All the real money in investment will have to be made as most of it has been in the past not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements. Benjamin Graham realmeanpast Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all. Benjamin Graham teachadversityshould No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error. Benjamin Graham safetyerrorsodds Investing is most intelligent when it is most businesslike. Benjamin Graham investingintelligent The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. Benjamin Graham investingtakensound It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart. Benjamin Graham fashioncharacterthinking At heart, "uncertainty" and "investing" are synonyms. Benjamin Graham synonyminvestingheart Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss Benjamin Graham typicalignoranceloss Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. Benjamin Graham investingsuccessfulthinking 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 investingissuesanalysis Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work. Benjamin Graham realdiscoverymean Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. Benjamin Graham sells It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory. Benjamin Graham groupszerosimple 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. Benjamin Graham prejudicemaylong 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. Benjamin Graham taught-usviewsloss 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. Benjamin Graham simpletryingyears If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume. Benjamin Graham investingshoppingintelligent The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies. Benjamin Graham investingpayattention Individuals who cannot master their emotions are ill-suited to profit from the investment process. Benjamin Graham investmentinvestingemotion The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. Benjamin Graham investingqualityloss
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