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Benjamin Graham

Benjamin Graham Quotes

Investor

Benjamin Graham, born on May 9, 1894, in London, England, was a renowned investor and securities analyst. He had a profound impact on the investment field and was hailed as the 'Father of Modern Investing'. Graham's investment philosophy emphasizes value investing, advocating for investors to focus on the fundamental aspects of companies rather than market sentiment. His book, 'The Intelligent Investor', has had a significant influence on generations of investors.

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Famous Benjamin Graham Quotes

“No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.”

Matter Seems Risk Exciting Safety Errors Investment Investing Careful Investors Odds Margins Insisting Being Wrong Overpaying

Book:The Intelligent Investor, Rev. Ed

Source: The Intelligent Investor, Rev. Ed

“The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.”

Should May Long Term Interest Safety Response Rate Investing Long Term Investors Principal Vary Interest Rate

Author:Benjamin Graham

“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.”

Stills Higher Paid Safety Investing Dependent Margins Miscalculations

Book:The Intelligent Investor: A Book of Practical Counsel

Source: The Intelligent Investor: A Book of Practical Counsel

“There is a close logical connection between the concept of a safety margin and the principle of diversification.”

Principles Concepts Connections Safety Investing Logical Margins Diversification

Author:Benjamin Graham

“It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.”

Ifs Enough Turns Opportunity Sound Quality Practice Security Lows Argument Safety Investment Investing Mediocre Adequate Criteria Margins Buyers Diversification

Author:Benjamin Graham

“Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.”

May Doe Certain Individual Chance Loss Numbers Impossible Security Commitment Safety Investing Profit Work Out Favors Guarantees Investors Exceed Margins

Author:Benjamin Graham

“In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.”

Wells Values Security Events Stress Paid Safety Protection Analysis Prime Excess Margins Insisting

Book:Security Analysis: The Classic 1934 Edition

Source: Security Analysis: The Classic 1934 Edition

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

Three Sound Challenges Secret Intelligent Safety Investment Investing Venture Motto Margins Three Words Best Investment

Book:The Intelligent Investor: A Book of Practical Counsel

Source: The Intelligent Investor: A Book of Practical Counsel

“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.”

Return Promise Safety Investment Operations Analysis Principal Adequate Thorough Return On Investment

Book:The Intelligent Investor, Rev. Ed

Source: The Intelligent Investor, Rev. Ed

“The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.”

Essence Function Safety Accurate Unnecessary Margins Rendering

Book:The Intelligent Investor: A Book of Practical Counsel

Source: The Intelligent Investor: A Book of Practical Counsel

“Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.”

Years Loss Views Quality Conditions Security Taught Lows Safety Assuming Currents Prosperity Observation Chiefs Investors Earning Taught Us Good Business Purchasers

Author:Benjamin Graham

“To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.”

Body Figures Safety Investment Reasoning Margins Persuasive

Author:Benjamin Graham