Long ago, Ben Graham taught me that “Price is what you pay; value is what you get.” Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
As when on some secluded branch in forest far and wide sits perched an owl, who, full of self-conceit and self-created wisdom, explains, comments, condemns, ordains and order things not understood, yet full of importance still holds forth to stocks and stones around — so sits and scribbles Mike.michael faraday
Once stock prices reach the point at which it is hard to value them by logical methodology, stocks will be bought as they were in the late 1920s not for investment but to be unloaded at a still higher price. The ensuing break could be disastrous because panic psychology cannot be summarily altered or reversed by easing money policies.Alan Greenspan
Less volatile stocks tend to have negative abnormal profits; more volatile stocks tend to have positive abnormal profits.robert haugen
"but then I remembered how crass it is to talk money or stocks with university types."andy kessler
" Oh, Mr. Wolff, what do you think of Balzac? "Josh politely ceased to masticate, swallowed and answered," I never trade them Curb stocks! "edwin lefèvre
The CIA maintains prepackaged stocks of foreign weapons for instant shipment anywhere in the world.john stockwell
The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience.benjamin graham
The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of characterbenjamin graham
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.benjamin graham
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.benjamin graham
Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.benjamin graham
Owning a portfolio of value stocks is the equivalent of wearing a Nehru jacket over a pair of bell bottom trousers.
When it comes to selling stocks, it is plain that nobody can sell unless somebody wants those stocks. If you operate on a large scale you will have to bear that in mind all the time.
As I have said a thousand times, no manipulation can put stocks down and keep them down.
" Oh, Mr. Wolff, what do you think of Balzac ? " Josh politely ceased to masticate, swallowed and answered, " I never trade them Curb stocks! "
There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.john kenneth galbraith
While modern social conditions are removing the crude physical checks which the unrestrained struggle for existence places on the over-fertility of the unfit, they may at the same time be leading to a lessened relative fertility in those physically and mentally fitter stocks, from which the bulk of our leaders have hitherto been drawn.
The only remedy, if one be possible at all, is to alter the relative fertility of the good and the bad stocks in the community.
Ev'n them who kept thy truth so pure of old, When all our fathers worshipp'd stocks and stones.john milton
The CIA maintains prepackaged stocks of foreign weapons for instant shipment anywhere in the world.
stocks are a voting mechanism, pure and simple. They are a collective vote of expectations of each company's future fundamentals.andy kessler