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Quote by Benjamin Franklin

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Wit and Wisdom from Poor Richard's Almanack

This book gathers a selection of Benjamin Franklin's wit and wisdom, drawn from his popular Poor Richard's Almanack, offering insights into his thoughts on life, work, and character. more

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Benjamin Franklin
Benjamin Franklin

Benjamin Franklin was a prominent figure in American history, serving as one of the Founding Fathers of the United States. He was a statesman, scientist, inventor, and writer, born on January 17, 1706, and died on April 17, 1790. Franklin is renowned for his contributions to electricity, his support for the American colonial independence movement, and his successful diplomatic efforts in France. more

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“When I stand on my special-issue "Intelligent Investor" ladder and peer out over the frenzied crowd, I see very few others doing the same. Many stocks remain overvalued, and speculative excess - both on the upside and on the downside - is embedded in the frenzy around stocks of all stripes. And yes, I am talking about March 2001, not March 2000.”

“In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to buy a long-term franchise at a substantial discount from growing intrinsic value.”

“However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.”