Quotes About Patience

intelligence has nothing to do with IQ or SAT scores. It simply means being patient, disciplined, and eager to learn;

The heart of Graham's argument is that the intelligent investor must never forecast the future exclusively by extrapolating the past.

So first find a low-cost fund whose managers are major shareholders, dare to be different, don't hype their returns, and have shown a willingness to shut down before they get too big for their britches. Then, and only then, consult their Morningstar rating.10

para disfrutar de una probabilidad razonable de obtener unos resultados continuados mejores que la media, el inversor debe seguir unas políticas que sean (1) inherentemente sensatas, firmes y prometedoras, y (2) que no gocen de popularidad en el mercado de valores.

day trading—holding stocks for a few hours at a time—is one of the best weapons ever invented for committing financial suicide.

Blessed is he who expecteth nothing, for he shall not be disappointed.

the practitioner invests in common stocks the same number of dollars each month or each quarter. In this way he buys more shares when the market is low than when it is high, and he is likely to end up with a satisfactory overall price for all his holdings.

But the intelligent investor has no interest in being temporarily right. To reach your long-term financial goals, you must be sustainably and reliably right.

Toda la infelicidad humana tiene un mismo origen: no saber estar tranquilamente sin hacer nada en una habitación.

Buying a bond only for its yield is like getting married only for the sex. If the thing that attracted you in the first place dries up, you'll find yourself asking, "What else is there?" When the answer is "Nothing," spouses and bondholders alike end up with broken hearts.

The individual investor should act consistently as an investor and not as a speculator

we advised the readers to buy their stocks as they bought their groceries, not as they bought their perfume.

Do not enter upon an operation—

Benjamin Graham

He would not be far wrong if this motto read more simply: Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop. p43

A long-term investor is the only kind of investor there is. Someone who can't hold on to stocks for more than a few months at a time is doomed to end up not as a victor but as a victim.

Benjamin Graham

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.

He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: "Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

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.

Evidently it is not only the tyro who needs to be warned that while enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.

Another modern development of relevance is the ubiquitous cable television coverage of the stock market. This frenetic lunacy exacerbates the already short-term orientation of most investors. It foments the view that it is possible—or even necessary—to have an opinion on everything pertinent to the financial markets, as opposed to the patient and highly selective approach endorsed by Graham and Dodd.

If your investment horizon is long—at least 25 or 30 years—there is only one sensible approach: Buy every month, automatically, and whenever else you can spare some money. The single best choice for this lifelong holding is a total stock-market index fund. Sell only when you need the cash

Benditos sean los que no esperan nada, porque disfrutarán de todo».