Benjamin Graham

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

Investing is most intelligent when it is most business like.

Good managements produce a good average market price, and bad managements produce bad market prices.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.

The essence of risk management is the management of risks, not the management of returns.

Successful investing is about managing risk, not avoiding it.

Wall Street people learn nothing and forget everything.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Always remember that market quotations are there for convenience either to be taken advantage of or to be ignored.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.