While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster
Benjamin GrahamThe essence of investment management is the management of risks, not the management of returns.
Benjamin GrahamNo matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
Benjamin GrahamThe market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham