A Quote by Benjamin Graham
The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options.
The things you want are always possible; it is just that the way to get them is not always apparent. The only real obstacle in your path to a fulfilling life is you, and that can be a considerable obstacle because you carry the baggage of insecurities and past experience.
You're better off betting on a horse than betting on a man. A horse may not be able to hold you tight, but he doesn't wanna wander from the stable at night.
We've always been here and we'll always be here. We are a specific arrangement of particles and this instant is infinite. Did we luck out, or didn't we? The odds against this sentence having ever being typed, much less the odds against you reading it were inconceivable. Smile, because the fact that you're able to is almost impossible to comprehend.
Looking back, my life seems like one long obstacle race, with me as the chief obstacle.
Looking back, my life so far seems like one long obstacle race, with me as its chief obstacle.
I don't mind when my horse is left at the post. I don't mind when my horse comes up to me in the stands and asks, "Which way do I go?" But when the horse I bet on is at the $2 window betting on another horse in the same race...
The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
Listen, you may not like the fact that I'm talking about Donald Trump, but the facts are that he is now, this is a race. This is a - it's no longer Hillary's [Clinton]. This is now a horse race.
Clearly the price considered most likely by the market is the true current price: if the market judged otherwise, it would quote not this price, but another price higher or lower.
I have never known a concern to make a decided success that did not do good, honest work, and even in these days of fiercest competition, when everything would seem to be a matter of price, there lies still at the root of great business success the very much more important factor of quality. The effect of attention to quality, upon every man in the service, from the president of the concern down to the humblest laborer, cannot be overestimated.
Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.
Today I see more clearly than yesterday that the back of the problem of race and color lies a greater problem which both obscures and implements it: and that is the fact that so many civilized persons are willing to live in comfort even if the price of this is poverty, ignorance, and disease of the majority of their fellow men.
Basically, what I do is place a stop, generally 10 to 20 percent below the current price, whenever I buy a stock. The exact level depends on my own analysis of a stock's trading pattern. If a stock violates this stop, I'm out.
The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me that the real things you want to hedge are real risks, for example, risks in innovation. The fact is that you'd like companies to be able to take bigger chances. Presumably one obstacle to successful R&D, particularly when the costs are large, are the risks involved.
Most people assume that a record shop's success lies in selling records. In fact, Virgin's success both in mail order and the record shops lay in skill at buying records.
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