Benjamin Graham quotes - page 2

Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices. (Benjamin Graham)
Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish. View quote
Benjamin Graham
Why should the cotton growers suffer if there is shortage of wheat? View quote
Benjamin Graham
Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself. View quote
Benjamin Graham
Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments. View quote
Benjamin Graham
The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant. View quote
Benjamin Graham
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million. View quote
Benjamin Graham
The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source. View quote
Benjamin Graham
It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling. View quote
Benjamin Graham
The modern world is not geared properly to the storage of goods. View quote
Benjamin Graham
It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals. (Benjamin Graham)
The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism. View quote
Benjamin Graham
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. View quote
Benjamin Graham
If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled. View quote
Benjamin Graham
Good managements produce a good average market price, and bad managements produce bad market prices. View quote
Benjamin Graham
Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed. View quote
Benjamin Graham
Whether we like it or not, government intervention in the face of surplus is here to stay. View quote
Benjamin Graham
There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market. View quote
Benjamin Graham
It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market. View quote
Benjamin Graham
The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation. View quote
Benjamin Graham
It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed. (Benjamin Graham)
The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy. View quote
Benjamin Graham
The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all. View quote
Benjamin Graham
The true investor scarcely ever has to sell his shares, and at all other times he is free di disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons mistakes of judgement. View quote
Benjamin Graham
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years. View quote
Benjamin Graham