Benjamin Graham Quotes.

1. "In the short run, the market is a voting machine but in the long run, it is a weighing machine."
- Quote by Benjamin Graham

2. "The quantitative factors lend themselves far better to thoroughgoing analysis than do the qualitative factors. The former are fewer in number, more easily obtainable, and much better suited to the forming of definite and dependable conclusions."
- Quote by Benjamin Graham

3. "You are neither right nor wrong because people agree with you."
- Quote by Benjamin Graham

4. "The concept of safety can be really useful only if it is based on something more tangible than the psychology of the purchaser."
- Quote by Benjamin Graham

5. "Anh chẳng đúng cũng chẳng sai, chỉ bởi vì đám đông không đồng ý với anh!"
- Quote by Benjamin Graham

6. "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, Security Analysis

7. "One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing."
- Benjamin Graham, Security Analysis

8. "The Interborough issues are an example of a rather special group of situations in which analysis may reach more definite conclusions respecting intrinsic value than in the ordinary case. These situations may involve a liquidation or give rise to technical operations known as arbitrage or hedging."
- Benjamin Graham, Security Analysis

9. "In all of these instances he appears to be concerned with the intrinsic value of the security and more particularly with the discovery of discrepancies between the intrinsic value and the market price."
- Benjamin Graham, Security Analysis

10. "I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions—the margin-of-safety idea applied to personal finance.21"
- Benjamin Graham, Security Analysis

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