As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
Benjamin GrahamTraditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
Benjamin GrahamA speculator gambles that a stock will go up in price because somebody else will pay even more for it.
Benjamin GrahamAn investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
Benjamin GrahamObservation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
Benjamin Graham