Benjamin Graham
Benjamin Graham
Benjamin Grahamwas a British-born American economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others...
NationalityAmerican
ProfessionEntrepreneur
Date of Birth8 May 1894
CountryUnited States of America
Benjamin Graham quotes about
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
Confusing speculation with investment is always a mistake.
The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Mr. Market's job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.
To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.