A Quote by Benjamin Graham
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.
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Trait X is fitter than trait Y in a population of organisms if those organisms have other biological traits T and live in an environment that has properties E. The theory of natural selection is filled with statements of this form.
To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
[Regarding] the convention that clergymen are more virtuous than other men. Any average selection of mankind, set apart and told that it excels the rest in virtue, must tend to sink below the average.
The average person puts only 25% of his energy and ability into his work. The world takes off its hat to those who put in more than 50% of their capacity, and stands on its head for those few and far between souls who devote 100%.
I personally have more faith than the average writer in people's willingness to be complicated, and so I'm thrilled by what's happened. I'm elated at audiences' willingness to handle complexity. In some sense, I feel like my belief in what people are capable of is being validated.
My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of derivative securities.
Since the individual's desire to dominate his environment is not a desirable trait in a society which every day grows more and more confining, the average man must take to daydreaming.
I believe-and human psychologists, particularly psychoanalysts should test this-that present-day civilized man suffers from insufficient discharge of his aggressive drive. It is more than probable that the evil effects of the human aggressive drives, explained by Sigmund Freud as the results of a special death wish, simply derive from the fact that in prehistoric times intra-specific selection bred into man a measure of aggression drive for which in the social order today he finds no adequate outlet.
Maybe I was little bit more aggressive than the average kid.
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
Most women without children spend much more time than men on housework; with children, they devote more time to both housework andchild care. Just as there is a wage gap between men and women in the workplace, there is a "leisure gap" between them at home. Most women work one shift at the office or factory and a "second shift" at home.
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
Women of the working class, especially wage workers, should not have more than two children at most. The average working man can support no more and and the average working woman can take care of no more in decent fashion.
Another way to test hypotheses about adaptation is to consider trait variation across a group of species instead of focusing on the trait of a single species. Rather than seeking to explain why polar bears have fur of a certain thickness, one tries to explain why bears in colder climates have thicker fur than bears in warmer climates. The former problem is hard to solve, since it is hard to say exactly what fur thickness polar bears should have if natural selection guided the evolution of that trait.
I was asked to do some studies to see if I was different. And I do have more male testosterone than the average woman does. Whether that makes me more aggressive, I don't know.
A price decline is of no real importance to the bona fide investor unless it is either very substantial say, more than a third from cost or unless it reflects a known deterioration of consequence in the company's position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected.
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