Benjamin Graham quotes page 2
Individuals who cannot master their emotions are ill-suited to profit from the investment
If the reason people invest is to make money, then in seeking advice they are asking others
to tell them how to make money. That idea has some element of naivete. Businessmen seek
professional advice on various elements of their business, but they do not expect to be told
how to make a profit.
In general, the shares of second line companies fluctuate more widely than the major ones.
It requires strength of character in order to think and to act in opposite fashion from the
crowd and also patience to wait for opportunities that may be spaced years apart.
Investment is most intelligent when it is most businesslike.
It remained true that sound investment principles produced generally sound results.
Unusually rapid growth cannot keep up forever; when a company has already registered a
brilliant expansion, its very increase in size makes a repetition of its achievement more
The individual investor should act consistently as an investor and not as a speculator. This
means that he should be able to justify every purchase he makes and each price he pays by
impersonal, objective reasoning that satisfies him that he is getting more than his money's
worth for his purchase.
Cartels have spread and will spread as long as the world lacks an effective mechanism by
which balanced expansion may be achieved without a resulting disruption of prices.
They made me a professor because I am a practical operator.
I have known Buffett for many years, and I must say I have never met anyone else with
combination of high character and brilliant business qualities. His record as an investment
fund manager is probably unequalled.