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Benjamin Graham Biography

Benjamin Graham

Benjamin Graham (/ɡræm/; né Grossbaum; May 9, 1894 – September 21, 1976) was a British-born American investor, economist, and professor. He is widely known as the "father of value investing," and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.

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Benjamin Graham Quotes

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

Harried, Investing, Men, Selling, Speculator

The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

Holding, Interest, Lying, Market Timing, Prices, Securities

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

Essence, Function, Safety, Unnecessary

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

Attention, People, Present, Wall

Good managements produce a good average market price, and bad managements produce bad market prices.

Average, Bad, Good Man, Management, Price, Produce

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

Buy, Enterprise, Investing, Lack, Money

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

Drop, Rise, Sell, Sells, Stock, Substantial

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.

Establishing, Fact, Facts, Market, Paradoxical, Subjects

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.

Destiny, Divided, Milk And Honey, Promised, Sentiments, Years

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

Adoption, Book, Execution, Purpose, Supply

The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.

Attention, Attitude, Entirely, Men, Wife

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.

Conservative, Transformation, Realizing, Implies, Developed, System

Abnormally good or abnormally bad conditions do not last forever.

Abnormally, Bad, Conditions, Forever, Lasts

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.

Investing, Long, Market, Price, Safety

Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.

Analysis, Clearly, Investors, May, Selling, Years

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

Analysis, Promise, Promises, Return, Safety, Thorough

The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.

Commodity, Extraordinarily, Gold, Past

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Intelligent, Investing, Roulette, Same, True, Weight

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

Diversified, Groups, Ridiculously, Seemed, Simple, Zero

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.

Become, Investing, Investor, Quotations, Sound, Taken

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