A Quote by Benjamin Graham
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.
The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.
If you're looking for investment you've got to think about what the investor gets from being involved with your business. A lot of people think about what they're getting from their point of view but not about what the investor gets out of a deal.
I thought I was writing for a fairly hip, intelligent crowd; I just thought there were more of them out there. But they're not. They're not out there waiting. They're not gonna use their intelligence on your book.
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Some people seem to sort of have a gut for hiring. I literally had a gut that was exactly the opposite. So whenever I thought someone would be great, it was sort of the opposite.
The hossanas of the multitude can never bring satisfaction to the discerning. Yet there exist those chamaleons of popularity who find their joy, not in the sweet breath of Apollo, but in the smell of the crowd. And not in mind: Do not be taken in by what are miracles to the populace, for the ignorant do not rise above marveling. Thus the stupidity of a crowd is lost in admiration, even as the brain of an individual uncovers the trick.
It was actually the opposite of what a director once said to me. He said, 'Remember, everyone is here to serve you.' And as he walked away, I thought to myself, 'It's exactly the opposite: I'm here to serve everyone.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
When I stand on my special-issue "Intelligent Investor" ladder and peer out over the frenzied crowd, I see very few others doing the same. Many stocks remain overvalued, and speculative excess - both on the upside and on the downside - is embedded in the frenzy around stocks of all stripes. And yes, I am talking about March 2001, not March 2000.
But the cinephile is … a neurotic! (That’s not a pejorative term.) The Bronte sisters were neurotic, and it’s because they were neurotic that they read all those books and became writers. The famous French advertising slogan that says, “When you love life, you go to the movies,” it’s false! It’s exactly the opposite: when you don’t love life, or when life doesn’t give you satisfaction, you go to the movies.
... The idea of God, as meaning an infinitely intelligent, wise and good Being, arises from reflecting on the operations of our own mind, and augmenting, without limit, those qualities of goodness and wisdom.
Those whose primary concern is to destroy others are at the lowest level of development. Those who are only interested in their own satisfaction are farther along. Those who both do things for their own satisfaction and the satisfaction of others are even father along. Then there are saints who just constantly live for the welfare of others.
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.
My friends, I tell you repeatedly that the illusion that Life creates is very, very intelligent. The illusion itself is intelligent! Just understand how intelligent the intelligence must be in order to create an intelligent illusion. The intelligent illusion is so intelligent it will appear real to man every moment of his daily life!
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