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35 Quotes from Benjamin Graham

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Benjamin Graham’s Quotes

1. Investment is simple, but not easy.

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

3. In the short run, the market is a voting machine, but in the long run it is a weighing machine.

4. In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

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

6. Those with enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

7. The individual investor should act consistently as an investor and not as a speculator.

8. If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume

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9. Without a saving faith in the future, no one would ever invest at all. To be an investor, you must be a believer in a better tomorrow.

10. A typical investor has a great advantage over the large institutions.

11. You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.

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

13. The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

14. Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

15. The investor’s chief problem – and even his worst enemy – is likely to be himself.

16. All things excellent are as difficult as they are rare.

17. A great company is not a great investment if you pay too much for the stock.

18. You do not have to trade with him [Mr Market] just because he constantly begs you to.

19. There is no sure and easy path to riches in wall street or anywhere else.

20. The intelligent investor will not do his buying and selling solely on the basis of recommendations received from a financial service

21. Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it

22. In the end, what matters isn’t crossing the finishing line before anybody else. But just making sure that you do cross it.

23. Growth stocks are worth buying when their prices are reasonable.

24. Even the intelligent investor is likely to need considerable will power to keep from following the crowd.

25. Do not take yearly results too seriously. Instead, focus on four or five-year averages.

26. But on the very rare occasions when Mr. Market generates that many true bargains, you’re all but certain the make money.

27. Even the intelligent investor is likely to need considerable willpower to keep from following the crowd

28. True investment is more a hazard to be guarded against than as a source of profit through prophecy.

29. WALL STREET PEOPLE LEARN NOTHING AND FORGET EVERYTHING

30. 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.

31. 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.

32. They (stockbrokers, financial analysts, investment advisers) tend to take the market and themselves too seriously. They spend a large part of their time trying, valiantly and ineffectively, to do things they can’t do well.

33. When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.

34. The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn’t pay too much attention to what the lady says, but he can’t afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.

35. Investment is most intelligent when it is most businesslike.

 



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