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Benjamin Graham
62 quotes
“The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right—or at least valuable— answers.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Readers of this book, however intelligent and knowing, could scarcely expect to do a better job of portfolio selection than the top analysts of the country. But if it is true that a fairly large segment of the stock market is often discriminated against or entirely neglected in the standard analytical selections, then the intelligent investor may be in a position to profit from the resultant undervaluations.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Good management are rarely overcompensated to an extent that makes any significant difference with respect to the stockholder's position. Poor management are always overcompensated, because they are worth less than nothing to the owners.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“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 (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Investment is most intelligent when it is most businesslike.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Do not let anyone else run your business.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say, 40 years ago, when our textbook "Graham and Dodd" was first published; but the situation has changed a great deal since then. In the old days any well-trained security analyst could do a good professional job of selecting undervalued issues through detailed studies; but in the light of the enormous amount of research now being carried on, I doubt whether in most cases such extensive efforts will generate sufficiently superior selections to justify their cost. To that very limited extent I'm on the side of the "efficient market" school of thought now generally accepted by the professors.”
Benjamin Graham (1894–1976) first seen 1976 wikiquote, CC BY-SA 4.0 source
Recorded in: Interview, 1976. Quoted in H. Russell Fogler, Analyzing the Stock Market: Statistical Evidence and Methodology (1978), Pg 137.
“Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source
“Thus the growth-stock approach may supply as dependable a margin of safety as is found in the ordinary investment— provided the calculation of the future is conservatively made, and provided it shows a satisfactory margin in relation to the price paid. The danger in a growth-stock program lies precisely here. For such favored issues the market has a tendency to set prices that will not be adequately protected by a conservative projection of future earnings. (It is a basic rule of prudent investment that all estimates, when they differ from past performance, must err at least slightly on the side of understatement.) The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price. If, as we suggest, the average market level of most growth stocks is too high to provide an adequate margin of safety for the buyer, then a simple technique of diversified buying in this field may not work out satisfactorily. A special degree of foresight and judgment will be needed, in order that wise individual selections may overcome the hazards inherent in the customary market level of such issues as a whole.”
Benjamin Graham (1894–1976) said by 1976 at the latest wikiquote, CC BY-SA 4.0 source