Benjamin Graham Quotes
-
Investment is most intelligent when it is most businesslike.
-
Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
-
The State can always afford to finance what its citizens can soundly produce.
-
In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.
-
Stocks can be dynamite.
-
Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.
-
THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.
-
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.
-
Why should the cotton growers suffer if there is shortage of wheat?
-
Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
-
It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
-
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
-
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
-
Good managements produce a good average market price, and bad managements produce bad market prices.
-
Whether we like it or not, government intervention in the face of surplus is here to stay.
-
The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.
-
It is a fact worth pondering that four centuries ago the evil of 'an abundance or surplus' arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
-
Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
-
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.
-
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.
-
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
-
The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
-
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
-
Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.