Benjamin Graham

The Intelligent Investor

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    15_Jeremy Subiaktohas quoted4 months ago
    “Obvious prospects for physical growth in a business do not translate into obvious profits for investors.”
    15_Jeremy Subiaktohas quoted4 months ago
    “while enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.”
    15_Jeremy Subiaktohas quoted4 months ago
    is a trait more of the character than of the brain
    15_Jeremy Subiaktohas quoted4 months ago
    If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
    —Henry David Thoreau, Walden
    Kharisma Citrahas quoted6 months ago
    Think of our suggested definition of investment given above, and compare it with the sale of a few shares of stock by an inexperienced member of the public, who does not even own what he is selling, and has some largely emotional conviction that he will be able to buy them back at a much lower price.
    Kharisma Citrahas quoted6 months ago
    They let other investors’ judgments determine their own.
    Kharisma Citrahas quoted6 months ago
    A strong-minded approach to investment, firmly based on the margin-of-safety principle, can yield handsome rewards.
    Kharisma Citrahas quoted6 months ago
    Before attempting such a venture the investor should feel sure of himself and of his advisers—particularly as to whether they have a clear concept of the differences between investment and speculation and between market price and underlying value.
    Kharisma Citrahas quoted6 months ago
    article in a women’s magazine many years ago we advised the readers to buy their stocks as they bought their groceries, not as they bought their perfume.
    Kharisma Citrahas quoted6 months ago
    habit of relating what is paid to what is being offered is an invaluable trait in investment.
    Kharisma Citrahas quoted6 months ago
    The purpose of this book is to supply, in a form suitable for laymen, guidance in the adoption and execution of an investment policy.
    nissamayohas quotedlast year
    Just because of the uncertainties of the future the investor cannot afford to put all his funds into one basket—neither in the bond basket, despite the unprecedentedly high returns that bonds have recently offered; nor in the stock basket, despite the prospect of continuing inflation.
    nissamayohas quotedlast year
    3) risking more money in speculation than you can afford to lose
    nissamayohas quotedlast year
    (2) speculating seriously instead of as a pastime
    nissamayohas quotedlast year
    ) speculating when you think you are investing
    nissamayohas quotedlast year
    But there are many ways in which speculation may be unintelligent
    aidanamussinahas quoted2 years ago
    If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
    aidanamussinahas quoted2 years ago
    one of our chief requirements here that our readers limit themselves to issues selling not far above their tangible-asset value.* The reason for this seemingly outmoded counsel is both practical and psychological. Experience has taught us that, while there are many good growth companies worth several times net assets, the buyer of such shares will be too dependent on the vagaries and fluctuations of the stock market. By contrast, the investor in shares, say, of public-utility companies at about their net-asset value can always consider himself the owner of an interest in sound and expanding businesses, acquired at a rational price—regardless of what the stock market might say to the contrary.
    aidanamussinahas quoted2 years ago
    It has long been the prevalent view that the art of successful investment lies first in the choice of those industries that are most likely to grow in the future and then in identifying the most promising companies in these industries. For example, smart investors—or their smart advisers—would long ago have recognized the great growth possibilities of the computer industry as a whole and of International Business Machines in particular.
    Ryan Yaphas quoted2 years ago
    invaluable advice in Chapters 8 and 20—you will not get a poor result from your investments.
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