Benjamin Graham Quotes

“An investment is based on incisive, quantitative analysis, while speculation depends on whim and guesswork.”

“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.”

“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.”

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

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

“The essence of investment management is the management of risks, not the management of returns.”

“The intelligent investor is a realist who sells to optimists and buys from pessimists.”

“The intelligent investor is likely to need considerable willpower to keep from following the crowd.”

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

“Those who do not remember the past are condemned to repeat it.”