Individuals who cannot master their emotions are ill-suited to profit from the investment process.
Benjamin GrahamRead
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.
Interpretation
What this quote means
History often repeats itself, especially in economics and finance, where past patterns can inform future decisions.
In this quote, Benjamin Graham expresses the idea that the patterns and movements of financial markets tend to repeat over time. Investors should recognize that relying solely on current price levels, without considering historical trends and contexts, can be misleading. Understanding the cyclic nature of markets can lead to more informed investment strategies.
Themes
HistoryFinanceInvestmentMarketsEconomics
In practice
Example use cases
During a financial seminar, this quote can illustrate the importance of looking at historical market trends.
More from Benjamin Graham
All quotes →It is absurd to think that the general public can ever make money out of market forecasts.
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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.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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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.
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To be an investor you must be a believer in a better tomorrow.
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