Benjamin Graham

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

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

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.

To be an investor you must be a believer in a better tomorrow.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

A great company is not a great investment if you pay too much for the stock.

Wall Street people learn nothing and forget everything.

Stock _x000D_ speculation is largely a matter of A trying to decide what B, C and D _x000D_ are likely to think-with B, C and D trying to do the same.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Abnormally good or abnormally bad conditions do not last forever.

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.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.