Benjamin Graham

“Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.”

“You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.”

“The stock market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.”

“Successful investing is about managing risk, not avoiding it.”

“The essence of investment management is the management of risks, not the management of returns.”

“People who invest make money for themselves. People who speculate make money for their brokers.”

“Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY.”

“To be an investor you must be a believer in a better tomorrow.”

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

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

“The individual investor should act consistently as an investor and not as a speculator.”

“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.”

“But investing isn't about beating others at their game. It's about controlling yourself at your own game.”

“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.”

“Buy not on optimism, but on arithmetic.”

“Abnormally good or abnormally bad conditions do not last forever.”