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 More Quotes by Benjamin Graham More Quotes From Benjamin Graham In the short run, the market is a voting machine, but in the long run it is a weighing machine. Benjamin Graham intelligent business running An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Benjamin Graham analysis safety promise The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies. Benjamin Graham investing panic intelligent we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions. Benjamin Graham sound opposites long The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists. Benjamin Graham optimism swings intelligent 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 investing too-much pay Stock Benjamin Graham matter trying thinking To be an investor you must be a believer in a better tomorrow. Benjamin Graham investing believer tomorrow 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 profit wall may Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ. Benjamin Graham sound may facts To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience. Benjamin Graham investment safety body 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 arriving important sound In the short-run, the market is a voting Benjamin Graham emotional running long By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave. Benjamin Graham swings destiny discipline Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure. Benjamin Graham eye giving long The essence of investment management is the management of risks, not the management of returns. Benjamin Graham investing risk essence Never buy a stock because it has gone up or sell one because it has gone down. Benjamin Graham sells investing gone The intelligent investor is likely to need considerable will power to keep from following the crowd. Benjamin Graham following-the-crowd intelligent needs High valuations entail high risks. Benjamin Graham valuation investing risk The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard. Benjamin Graham investing decision simple
