No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".
Benjamin GrahamI am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
Benjamin GrahamThe most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
Benjamin GrahamIt should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham