Quotes About Investment

Hence if the investor was in a maximum tax bracket higher than 30% he would have a net saving after taxes by choosing the municipal bonds; the opposite, if his maximum tax was less than 30%.

arte de la inversión de éxito radica en primer lugar en la elección de los sectores que tienen más probabilidades de crecer en el futuro, y en la identificación de las empresas más prometedoras dentro de esos sectores.

follow the behavioral and business

knows the price of everything, and the value of nothing.

Everything changes, including companies, regulations and the economy, but people do not, and people are what drive the market.

Benjamin Graham

what Graham called "quotational" values

Que tratamos, entonces, de lograr con este libro? Nuestro principal objetivo consistirá en orientar al lector para prevenirle frente a las áreas de posibles errores sustanciales, y en desarrollar políticas con las que se sienta cómodo.

Hemos visto ganar y conservar mucho más dinero a «personas comunes» que estaban temperamentalmente bien dotadas para el proceso de inversión que a otras personas que carecían de esta buena predisposición anímica, aunque tuviesen un gran conocimiento de las finanzas, la contabilidad y la historia del mercado de valores.

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

we say that to have a true investment there must be present 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.

The intelligent investor is a realist who sells to optimists and buys from pessimists. The future value of every investment is a function of its present price.

The few good annuities are bought, not sold; if an annuity produces fat commissions for the seller, chances are it will produce meager results for the buyer. Consider only those you can buy directly from providers with rock-bottom costs like Ameritas, TIAA-CREF, and Vanguard.

Benjamin Graham

In the financial markets, hindsight is forever 20/20, but foresight is legally blind.

A great company is not a great investment if you pay too much for the stock.

intelligent investor designates a tiny portion of her total portfolio as a "mad money" account. For most of us, 10% of our overall wealth is the maximum permissible amount to put at speculative risk. Never mingle the money in your speculative account with what's in your investment accounts; never allow your speculative thinking to spill over into your investing activities; and never put more than 10% of your assets into your mad money account, no matter what happens.

As the Danish philosopher Søren Kierkegaard noted, life can only be understood backwards—but it must be lived forwards. Looking back, you can always see exactly when you should have bought and sold your stocks. But don't let that fool you into thinking you can see, in real time, just when to get in and out.

Antes de lanzarse a una incursión de ese tipo, el inversor debería estar seguro de sí mismo y de sus asesores, en especial a la hora de determinar si tienen una clara concepción de las diferencias existentes entre la inversión y la especulación y entre el precio de mercado y el valor subyacente.

But if a broker ever tries to sell you an individual mortgage bond or "CMO," tell him you are late for an appointment with your proctologist.

An offering of New Housing issues in July 1971 yielded as high as 5.8%, free from both Federal and state taxes, while an issue of (taxable) New Community debentures sold in September

Experience teaches that the time to buy preferred stocks is when their price is unduly depressed by temporary adversity. (At such times they may be well suited to the aggressive investor but too unconventional for the defensive investor.)

It is still true that they may choose between maintaining a simple 50–50 division between the two components or a ratio, dependent on their judgment, varying between a minimum of 25% and a maximum of 75% of either.

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.