Benjamin Graham quotes - page 4
Readers of this book, however intelligent and knowing, could scarcely expect to do a better job of portfolio selection than the top analysts of the country. But if it is true that a fairly large segment of the stock market is often discriminated against or entirely neglected in the standard analytical selections, then the intelligent investor may be in a position to profit from the resultant undervaluations.
Benjamin Graham
We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.
Benjamin Graham
Ben Graham was a truly formidable mind, and he also had a clarity in writing. And, we've talked over and over again about the power of a few simple ideas thoroughly assimilated. ... that happened with Graham's ideas, which came to me indirectly through Warren - but also some directly from Graham. ... And, by the way, Buffett was the best student Graham had in 30 years of teaching at Columbia. ... Buffett became way better than Graham. That is a natural outcome. ... Newton said that, "If I've seen a little further than other men, it's by standing on the shoulders of giants." ... Warren may have stood on Ben's shoulders, but he ended up seeing farther. And, no doubt, somebody will come along in due course and do a lot better than we have.
Benjamin Graham
Graham strongly felt that market prices could be considerably out of line with values. The reason for this discrepancy he took to be psychological. ...[T]he overall level of the market could go to extremes in either direction, as optimism or pessimism holds sway. ...[F]avored stocks would sell at unduly high prices, while unpopular stocks would sell at unduly low prices.
Benjamin Graham