255 Quotes by Benjamin Graham

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

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

The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.

The investor's chief problem - and even his worst enemy - is likely to be himself.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.