Jason Zweig,Benjamin Graham

The Intelligent Investor

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    Ryan Yaphas quoted2 years ago
    Since our book is not addressed to speculators,
    Alexandra Serebryakovahas quoted3 years ago
    The wisdom god, Woden, went out to the king of the trolls, got
    him in an armlock, and demanded to know of him how order
    might triumph over chaos. “Give me your left eye,” said the troll,
    “and I’ll tell you.” Without hesitation, Woden gave up his left
    eye. “Now tell me.” The troll said, “The secret is, ‘Watch with
    both eyes!’ ”
    —John Gardner
    Alexandra Serebryakovahas quoted3 years ago
    It is easy in the world to live after the world’s opinion; it is easy in solitude to live after our own; but the great man is he who in
    the midst of the crowd keeps with perfect sweetness the inde-
    pendence of solitude.
    —Ralph Waldo Emerson
    洪一萍has quotedyesterday
    Since our book is not addressed to speculators, it is not meant for those who trade in the market. Most of these people are guided by charts or other largely mechanical means of determining the right moments to buy and sell. The one principle that applies to nearly all these so-called “technical approaches” is that one should buy because a stock or the market has gone up and one should sell because it has declined. This is the exact opposite of sound business sense everywhere else, and it is most unlikely that it can lead to
    Ryan Yaphas quoted2 years ago
    number of new developments since the 1965 edition was written.
    These include:
    1.
    An unprecedented advance in the interest rate on high-grade
    bonds.
    2.
    A fall of about 35% in the price level of leading common
    stocks, ending in May 1970. This was the highest percentage
    decline in some 30 years. (Countless issues of lower quality
    had a much larger shrinkage.)
    3.
    A persistent inflation of wholesale and consumer’s prices,
    which gained momentum even in the face of a decline of gen-
    eral business in 1970.
    4.
    The rapid development of “conglomerate” companies, fran-
    chise operations, and other relative novelties in business and
    finance. (These include a number of tricky devices such as “let-
    ter stock,” 1 proliferation of stock-option warrants, misleading names, use of foreign banks, and others.)†
    Ryan Yaphas quoted2 years ago
    “Those who do
    not remember the past are condemned to repeat it.”
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