Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.
Benjamin GrahamIt requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
Benjamin GrahamThe intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Benjamin GrahamA speculator gambles that a stock will go up in price because somebody else will pay even more for it.
Benjamin GrahamThe ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
Benjamin Graham