Few people loom as large in the history of investing as Benjamin Graham. Graham is known as the Godfather of modern investing, and his books Security Analysis and The Intelligent Investor are considered bibles for investors. He gave birth to the idea of value investing that's led people like Warren Buffett and Walter Schloss to tremendous wealth, and his name continues to be pointed to by some of the best stock pickers in history. So, without further ado, here are some of the best quotations from legendary value investor Benjamin Graham.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks."
"If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume."
"Individuals who cannot master their emotions are ill-suited to profit from the investment process."
"The investor's chief problem - and even his worst enemy - is likely to be himself."
"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."
"In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand."
"Operations for profit should be based not on optimism but on arithmetic."
"Even the intelligent investor is likely to need considerable willpower to keep from following the crowd."
" 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."
"It is absurd to think that the general public can ever make money out of market forecasts."
"Wall Street people learn nothing and forget everything."
"A typical investor has a great advantage over the large institutions."
“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.”
"I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high."
"I don't believe any of us have the pretension of believing that by being very good analysts, or by going through very elaborate computations, we can be pretty sure of the correctness of our results."
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