255 Quotes by Benjamin Graham

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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.

The only thing you should do with pro forma earnings is ignore them.

The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.

High valuations entail high risks.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.