The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future. Benjamin Graham More Quotes by Benjamin Graham More Quotes From Benjamin Graham Investing isn't about beating others at their game. It's about controlling yourself at your own game. Benjamin Graham investing games Successful investing is about managing risk, not avoiding it. Benjamin Graham investing risk successful The intelligent investor is a realist who sells to optimists and buys from pessimists. Benjamin Graham investing realist intelligent Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed. Benjamin Graham money hope time Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment. Benjamin Graham investing trying giving Always buy your straw hats in the Winter Benjamin Graham investing hats winter 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. Benjamin Graham discipline want way Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong. Benjamin Graham being-wrong probability investing Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money. Benjamin Graham investing intelligent responsibility 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 quality brain character 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. Benjamin Graham investing opportunity fall Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety. Benjamin Graham safety intelligent challenges A great company is not a great investment if you pay too much for the stock. Benjamin Graham investing too-much pay In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand. Benjamin Graham adequate-knowledge hands world The value of any investment is, and always must be, a function of the price you pay for it. Benjamin Graham investment investing pay Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic. Benjamin Graham optimistic experts people An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd. Benjamin Graham investing intelligent opposites You must never delude yourself into thinking that you're investing when you're speculating. Benjamin Graham investing thinking Buy not on optimism, but on arithmetic. Benjamin Graham investing optimism intelligent 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 real mean past
