A Quote by Benjamin Graham

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.

Benjamin Graham

Quote Topics

Been Buy Convictions Courage Disheartened He Man His Investor Man Patience Selling Would

Quote Author

Benjamin Graham
American - Economist
May 8, 1894 - September 21, 1976

The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925 and buying back at 109 in 1931 was a satisfactory operation. Some may think that an intelligent investor should have been able to sell out much closer to the high of 381 and to buy back nearer the low of 41. If that is your own view you are probably a speculator at heart and will have trouble keeping to true investment precepts while the market rushes up and down.

Benjamin Graham

Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say you own a Procter & Gamble in your portfolio and the stock price goes down by half. Do you like it better? If it falls in half, do you reinvest dividends? Do you take cash out of savings to buy more? If you have the confidence to do that, then you’re an investor. If you don’t, you’re not an investor, you’re a speculator, and you shouldn’t be in the stock market in the first place.

Seth Klarman

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

Benjamin Graham

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.

Benjamin Graham

Everybody was talking about the religious man who committed suicide. While no one in the monastery approved of the man's action, some say they admired his faith. Faith?" said the Master. He had the courage of his convictions, didn't he?" That was fanaticism, not faith. Faith demands a greater courage still: to reexamine one's convictions and reject them if they do not fit the facts.

Anthony de Mello

The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.

Benjamin Graham

Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U.S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.

John C. Bogle

The speculator is not an investor.

Edwin Lefevre

Wanted, a man who will not lose his individuality in a crowd, a man who has the courage of his convictions, who is not afraid to say "No," though all the world say "Yes.

Orison Swett Marden

Wanted: a man who will not lose his individuality in a crowd, a man who has the courage of his convictions, who is not afraid to say 'No,' though all the world say 'Yes.'

Orison Swett Marden

Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.

Benjamin Graham

But then with me the horrid doubt always arises whether the convictions of man's mind, which has been developed from the mind of the lower animals, are of any value or at all trustworthy. Would any one trust in the convictions of a monkey's mind, if there are any convictions in such a mind?

Charles Darwin

I had been a fashion photographer for over ten years, but I'd always been dissatisfied with what I was doing. It was all about selling people, and I got disheartened by the whole industry.

Giles Duley

People talk of the courage of convictions, but in actual life a man's duty to his family may make a rigid course seem a selfish indulgence of his own righteousness.

F. Scott Fitzgerald

Rip Van Winkle would be the ideal stock market investor: Rip could invest in the market before his nap and when he woke up 20 years later, he'd be happy. He would have been asleep through all the ups and downs in between. But few investors resemble Mr. Van Winkle. The more often an investor counts his money - or looks at the value of his mutual funds in the newspaper - the lower his risk tolerance.