Quotes from Benjamin Graham

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Do not let anyone else run your business

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

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

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

The sillier the market's behavior, the greater the opportunity for the business like investor.

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.

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

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.