Benjamin Graham

The investor’s chief problem – and even his worst enemy – is likely to be himself.

Investment is most intelligent when it is most businesslike.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

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

The intelligent investor is a realist who sells to optimists and buys from pessimists.

Price is what you pay; value is what you get.

You must never delude yourself into thinking that you’re investing when you’re speculating.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

The intelligent investor dreads a bull market, since it makes stocks more costly to buy.

It is absurd to think that the general public can ever make money out of market forecasts.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

The intelligent investor will recognize that market quotations are there for his convenience, either to be taken advantage of or to be ignored.