A Quote by Benjamin Graham

In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long- run, the market is a weighing machine.

Benjamin Graham

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Emotional Emotional Stability Intelligence Long Machine Market Money Only Reflecting Registration Requires Run Short Stability Test Voter Voting Weighing

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

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Benjamin Graham

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

Benjamin Graham

The test of the machine is the satisfaction it gives you. There isn't any other test. If the machine produces tranquility it's right. If it disturbs you it's wrong until either the machine or your mind is changed.

Robert M. Pirsig

We rely on our voter registration studies to warn states that they are failing to comply with the requirements of the National Voter Registration Act of 1993, which requires states to make reasonable efforts to clean their voter rolls. We can and have sued to enforce compliance with federal law.

Tom Fitton

When God made man the devil was at his elbow. A creature that can do anything. Make a machine. And a machine to make the machine. And evil that can run itself a thousand years, no need to tend it.

Cormac McCarthy

In the long run, a portfolio of well chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress.

Peter Lynch

Machine makers always run the risk of becoming totally machine.

Frank Herbert

Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.

Ben Stein

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

Seth Klarman

An idealist believes the short run doesn't count. A cynic believes the long run doesn't matter. A realist believes that what is done or left undone in the short run determines the long run.

Sydney J. Harris

In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.

Benjamin Graham

Few people wear out before their time. Mostly they rust out, worry out, run out - spill out. A machine must have care and its different parts must be adjusted properly. No machine has ever approached the human machine. When it is right, it is in health.

George Matthew Adams

Trees and clean energy [are] the long-run solution but we have no time to wait for the long run. We need a short-run solution now, and one that encourages and facilitates the transition to the long-run solution.

Graciela Chichilnisky

I think liberals have to come to terms with the market and embrace market mechanisms as the only way to run a society that produces widespread material well-being and respects individual rights and liberties.

Douglas Massey

The market likes to lull you into the false security of high success rate techniques, which often lose disastrously in the long run. The general idea is that what works most of the time is nearly the opposite of what works in the long run.

William Eckhardt

In the Machine Age, the company itself became a machine - a machine for making money.

Peter Senge

A Quote by Benjamin Graham

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