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The Intelligent Investor – Benjamin Graham

  • “On the other hand, investing is a unique kind of casino—one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor.” 
  • “People who invest make money for themselves; people who speculate make money for their brokers.” 
  • “The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.”
  • “The intelligent investor is a realist who sells to optimists and buys from pessimists.” 
  • “Those who do not remember the past are condemned to repeat it.”
  • “The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The Intelligent Investor is a realist who sells to optimists and buys from pessimists.”
  • “An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”
  • “The punches you miss are the ones that wear you out. —Boxing trainer Angelo Dundee”
  • “Buy cheap and sell dear.” 
  • “The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan’s check-in clerks frantically busy for decades to come.” 
  • “Obvious prospects for physical growth in a business do not translate into obvious profits for investors.”
  • “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.
  • “You will be much more in control, if you realize how much you are not in control.” 
  • “while enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.”
  • “You’ve got to be careful if you don’t know where you’re going, ’cause you might not get there. —Yogi Berra”
  • “The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go. In the end, what matters isn’t crossing the finish line before anybody else but just making sure that you do cross it.”
  • “plant trees that other men will sit under.”
  • “The longer the bull market lasts the more severely investors will be affected with amnesia; after five years or so, many people no longer believe that bear markets are possible.”
  • “If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them. —Henry David Thoreau, Walden”
  • “The individual investor should act consistently as an investor and not as a speculator”
  • “The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.” 
  • “knows the price of everything, and the value of nothing.”
  • “To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”
  • “All things excellent are as difficult as they are rare.
  • “There is no room in this philosophy for a middle ground, or a series of gradations, between the passive and aggressive status. Many,”
  • “This is just another of an endless series of experiences over time that have demonstrated that the future of security prices is never predictable.” 
  • “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.”