To be an investor you must be a believer in a better tomorrow. Benjamin Graham More Quotes by Benjamin Graham More Quotes From 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 investing causes common Do not let anyone else run your business Benjamin Graham running The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase. Benjamin Graham investing money mean While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster Benjamin Graham investing wall accomplishment A speculator gambles that a stock will go up in price because somebody else will pay even more for it. Benjamin Graham speculators investing pay No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it". Benjamin Graham investing wall past An investor calculates what a stock is worth, based on the value of its businesses. Benjamin Graham investors investing values It should be remembered that a decline of 50% fully offsets a preceding advance of 100%. Benjamin Graham investing decline should Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep. Benjamin Graham evidence investing people Abnormally good or abnormally bad conditions do not last forever. Benjamin Graham conditions lasts forever The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average. Benjamin Graham investing sound average Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made. Benjamin Graham decision advice integrity To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street. Benjamin Graham wall sound average A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market. Benjamin Graham wreckage investing bears The sillier the market's behavior, the greater the opportunity for the business like investor. Benjamin Graham investing behavior opportunity Confusing speculation with investment is always a mistake. Benjamin Graham investing confusing mistake There is a close logical connection between the concept of a safety margin and the principle of diversification. Benjamin Graham investing safety principles The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion. Benjamin Graham expansion technique world 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. Benjamin Graham portfolios investing issues The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. Benjamin Graham wise attitude lying
