A Quote by Benjamin Graham
Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.
Related Quotes
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.
Bar owners tend to be social rather than operators. Most bar owners do not manage their numbers. They do not have spreadsheets or reports to manage their budget, cost, or inventory. I would say 90% of independent bar owners do not even have a budget.
There's a reason education sucks, and it's the same reason it will never ever ever be fixed. It's never going to get any better. Don't look for it. Be happy with what you've got, because the owners of this country don't want that. I'm talking about the real owners now... the real owners. The big wealthy business interests that control things and make all the important decisions. Forget the politicians. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice. You have owners.
I was left £50 when I was ten by a fairly distant cousin, which my father invested in GEC shares on my behalf. I became interested in the market and was given some more shares by my father, which is when I began looking to see how the shares were performing and learning how to read company reports, balance sheets, and so on in order to gauge that.
Let it be forgotten, as a flower is forgotten, Forgotten as a fire that once was singing gold, Let it be forgotten forever and ever, Time is a kind friend, he will make us old.
Who would think of buying or selling a private business because of someone's guess on the stock market? The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a livability whereby its periodic aberrations in turn formulate your judgements.
In India the government is very chaotic and poorly run. They are forced into action by public pressure. When it's a larger event, there's a lot more pressure - to do something, to investigate, to give some kind of compensation to the victims. With the smaller attacks, the pain is concentrated on those affected, because they've not just been forgotten by everyone else, which is normal, they've also been forgotten by the government, which lets the cases drag on for years in the courts.
I've never forgotten what it's like to be in your early twenties, which is not a particularly easy time. You've left your family, you've left the strictures of high school, and you're trying to break free and form yourself but you have to support yourself as well. We don't really give enough credence to that time of life and to its troubles.
There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.
As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.
I am not merely a habitual quoter but an incorrigible one. I am, I may as well face it, more quotatious than an old stock-market ticker-tape machine, except that you can't unplug me.
Henry Ford has several times sneered at unproductive stockholders.... Well, now. Let's see. Who made Henry Ford's own automobile company possible? The stockholders who originally advanced money to him. Who makes it possible for you and me to be carried to and from business by train or street car? Stockholders.... Who made our vast telephone and telegraph service possible? Stockholders.... Were stockholders all over the country to withdraw their capital from the enterprises in which they are invested, there would be a panic ... on a scale never before known.
Fans don't like owners. They know they are somewhere - actually, in Germany, some owners are anonymous. Fans don't sympathize with owners, so ownership stays in the back.
And the Arabs are the biggest owners now of media in the United States, okay, and over stock exchanges. And in many major U.S. cities they’re the majority owners.
In my opinion, the greatest misconception about the market is the idea that if you buy and hold stocks for long periods of time, you'll always make money. Let me give you some specific examples. Anyone who bought the stock market at any time between the 1896 low and the 1932 low would have lost money. In other words, there's a 36 year period in which a buy-and-hold strategy would have lost money. As a more modern example, anyone who bought the market at any time between the 1962 low and the 1974 low would have lost money.
Books tell you more about their owners than the owners do.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Craig Roberts Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist