A Quote by Benjamin Graham
The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
Related Quotes
[the virtues] cannot exist without Prudence. A proof of this is that everyone, even at the present day, in defining Virtue, after saying what disposition it is [i.e. moral virtue] and specifying the things with which it is concerned, adds that it is a disposition determined by the right principle; and the right principle is the principle determined by Prudence.
After realizing a principle, unless you learn it with your body you cannot expect to get true understanding. Scholars in particular tend to learn in theory only.
Governments never do any great good things from mere principle, from mere love of justice ... You expect too much of human nature when you expect that.
I think the archaic idea is actually winner take all, because the principle of "one person, one vote" is a principle that was introduced as a fundamental principle in American law in 1962, long after states had moved to "one person, one vote."
The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a goodly profit, unless either (a) he is definitely through with buying stocks an unlikely story or (b) he is determined to reinvest only at considerably lower levels. In a continuous program no market profit is fully realized until the later reinvestment has actually taken place, and the true measure of the trading profit is the difference between the previous selling level and the new buying level.
It has to be simple, but then you deliver them a principle: The simple truth is, as a matter of principle, we cannot spend more than we take in. Something - that changes the tone of the debate.
...virtue is not merely a state in conformity with the right principle, but one that implies the right principle; and the right principle in moral conduct is prudence.
Doctinaires are the vultures of principle. They feed upon principle after it is dead.
At Cornell University, it was well known that after five years on Wall Street, you could expect to be making half a million a year in salary and bonus; after 10 years, you could expect a million or more. I had 60 grand of university debt, and my parents had no retirement. I needed that money.
After the accession to the euro zone, interest rates declined substantially in Portugal.
The first principle of the market economy is that it is comprised of many small buyers and sellers, which implies a substantial degree of equity. Another fundamental market principle is that costs are internalized in the producer's price.
We're actually saying, here's a principle that I'd like to arc toward. That's a very different role in life. I didn't expect [Barack] Obama to go to the root of things. I didn't expect him to have a principled position on anything. I mean, just pay some moderate attention to the guy.
The negative principle negates. The positive principle creates. The negative principle doubts. The positive principle believes. The negative principle accepts defeat. The positive principle goes for victory.
In the loss of skill, we lose stewardship; in losing stewardship we lose fellowship; we become outcasts from the great neighborhood of Creation. It is possible - as our experience in this good land shows - to exile ourselves from Creation, and to ally ourselves with the principle of destruction - which is, ultimately, the principle of nonentity. It is to be willing in general for being to not-be. And once we have allied ourselves with that principle, we are foolish to think that we can control the results. (pg. 303, The Gift of Good Land)
Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.
Society is organized on the principle that any individual who possesses certain social characteristics has a moral right to expect that others will value and treat him in an appropriate way.
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