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Benjamin Graham's Quotes


  The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.  
 -  Benjamin Graham
  

  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
  

  The intelligent investor is likely to need considerable willpower to keep from following the crowd.  
 -  Benjamin Graham
  

  The one principal that applies to nearly all these so-called 'technical approaches' is that one should buy because a stock or the market has gone up and one should sell because it has declined. This is the exact opposite of sound business sense everywhere else, and it is most unlikely that it can lead to lasting success in Wall Street. In our own stock-market experience and observation, extending over 50 years, we have not known a single person who has consistently or lastingly made money by thus 'following the market.' We do not hesitate to declare that this approach is as fallacious as it is popular.  
 -  Benjamin Graham
  

  While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.  
 -  Benjamin Graham
  

  There are two requirements for success in Wall Street. One - you have to think correctly; and secondly you have to think independently.  
 -  Benjamin Graham
  

  I quickly convinced myself that the true key to happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.  
 -  Benjamin Graham
  

  It is absurd to think that the general public can ever make money out of market forecasts.  
 -  Benjamin Graham
  

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

  The moral seems to be that any approach to money making in the stock market which can be easily described and followed by a lot of people is by its terms too simple and too easy to last.  
 -  Benjamin Graham
  

  An investment is based on incisive, quantitative analysis, while speculation depends on whim and guesswork.  
 -  Benjamin Graham
  

  Wall Street people learn nothing and forget everything.  
 -  Benjamin Graham
  

  The mistakes of the market are thus the mistakes of groups or masses of individuals. Most of them can be traced to one or more of three basic causes: exaggeration, oversimplification or neglect.  
 -  Benjamin Graham
  

  The investor's chief problem – and even his worst enemy – is likely to be himself.  
 -  Benjamin Graham
  

  To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.  
 -  Benjamin Graham
  

  Most of the time 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
  

  The vast majority of stock traders are inevitably doomed to failure.  
 -  Benjamin Graham
  

  Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgement is sound, act on it – even though others may hesitate or differ.  
 -  Benjamin Graham
  

  You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.  
 -  Benjamin Graham
  

  In market analysis there are no margins of safety; you are either right or wrong, and if you are wrong, you lose money.  
 -  Benjamin Graham
  

  Analysis of the future should be penetrating rather than prophetic.  
 -  Benjamin Graham
  

  The essence of investment management is the management of risks, not the management of returns.  
 -  Benjamin Graham
  

  The more the investor depends on his portfolio and the income therefrom, the more necessary it is for him to guard against the unexpected and the disconcerting in this part of his life.  
 -  Benjamin Graham
  

  If the share price advances, it is because most investors expect earnings to grow.  
 -  Benjamin Graham
  

  People who habitually purchase common stocks at more than about 20 times their average earnings are likely to lose considerable money in the long run.  
 -  Benjamin Graham
  

  There is no sure and easy path to riches in Wall Street or anywhere else.  
 -  Benjamin Graham
  

  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. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.  
 -  Benjamin Graham
  

  Abnormally good or abnormally bad conditions do not last forever.  
 -  Benjamin Graham
  

  Much as the investor would like to be able to buy at just the right time and to sell out when prices are about to fall, experience shows that he is not likely to be brilliantly successful in such efforts and that by injecting the trading element into his investment operations he will disrupt the income return on his capital and inevitably shift his interest into speculative directions.  
 -  Benjamin Graham
  

  If you want to speculate do so with your eyes open, knowing that you will probably lose money in the end; be sure to limit the amount at risk and to separate it completely from your investment program.  
 -  Benjamin Graham
  

  Individuals who cannot master their emotions are ill-suited to profit from the investment process.  
 -  Benjamin Graham
  

  If the reason people invest is to make money, then in seeking advice they are asking others to tell them how to make money. That idea has some element of naivete. Businessmen seek professional advice on various elements of their business, but they do not expect to be told how to make a profit.  
 -  Benjamin Graham
  

  In general, the shares of second line companies fluctuate more widely than the major ones.  
 -  Benjamin Graham
  

  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
  

  Investment is most intelligent when it is most businesslike.  
 -  Benjamin Graham
  

  It remained true that sound investment principles produced generally sound results.  
 -  Benjamin Graham
  

  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.  
 -  Benjamin Graham
  

  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
  

  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.  
 -  Benjamin Graham
  

  They made me a professor because I am a practical operator.  
 -  Benjamin Graham
  

  I have known Buffett for many years, and I must say I have never met anyone else with his combination of high character and brilliant business qualities. His record as an investment fund manager is probably unequalled.  
 -  Benjamin Graham
  

  Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgement is sound, act on it – even though others may hesitate or differ.  
 -  Benjamin Graham
  

  I quickly convinced myself that the true key to happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.  
 -  Benjamin Graham
  

  The essence of investment management is the management of risks, not the management of returns.  
 -  Benjamin Graham
  

  You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.  
 -  Benjamin Graham
  

  While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.  
 -  Benjamin Graham
  

  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
  

  The investor's chief problem – and even his worst enemy – is likely to be himself.  
 -  Benjamin Graham
  

  While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.  
 -  Benjamin Graham
  

  Most of the time 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
  

  Most of the time 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
  

  Most of the time 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
  

  The mistakes of the market are thus the mistakes of groups or masses of individuals. Most of them can be traced to one or more of three basic causes: exaggeration, oversimplification or neglect.  
 -  Benjamin Graham
  

  If the reason people invest is to make money, then in seeking advice they are asking others to tell them how to make money. That idea has some element of naivete. Businessmen seek professional advice on various elements of their business, but they do not expect to be told how to make a profit.  
 -  Benjamin Graham
  

  Individuals who cannot master their emotions are ill-suited to profit from the investment process.  
 -  Benjamin Graham
  

  If the share price advances, it is because most investors expect earnings to grow.  
 -  Benjamin Graham
  

  The intelligent investor is likely to need considerable willpower to keep from following the crowd.  
 -  Benjamin Graham
  

  There is no sure and easy path to riches in Wall Street or anywhere else.  
 -  Benjamin Graham