The Intelligent Investor by Benjamin Graham

SUPPLY AND DEMAND All I ever did was supply a demand that was pretty popular. Get 100 Mental Models! (+ money-back guarantee) gumroad.com/a/288617587/Ax…

If you have an opinion about the level of prices, it should be an opinion based upon your concept of the values of securities in relation to price, rather than on any prophecy or expectation of changes or of the continuance of a given moment.

My own opinion is that the selection of individual securities is a matter partly of a special kind of judgment and insight, and partly of a good deal of security analysis training.

Americans are getting stronger. Twenty years ago, it took two people to carry ten dollars’ worth of groceries. Today, a five-year-old can do it. - Henny Youngman

On the other hand, investing is a unique kind of casino—one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor. #investing

The punches you miss are the ones that wear you out. - Boxing trainer Angelo Dundee

As the Danish philosopher Søren Kierkegaard noted, life can only be understood backwards—but it must be lived forwards. @Kierkegaarddd

People who invest make money for themselves; people who speculate make money for their brokers.

PARETO PRINCIPLE For many events, roughly 80% of the effects come from 20% of the causes. Get 100 Mental Models! (+ money-back guarantee) gumroad.com/a/288617587/Ax…

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right. #theintelligentinvestor

But investing isn’t about beating others at their game. It’s about controlling yourself at your own game. #benjamingraham

Those who do not remember the past are condemned to repeat it.

The intelligent investor is a realist who sells to optimists and buys from pessimists. #theintelligentinvestor

On the other hand, investing is a unique kind of casino - one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor. #theintelligentinvestor

Obvious prospects for physical growth in a business do not translate into obvious profits for investors. #theintelligentinvestor

CIRCLE OF COMPETENCE Everybody’s got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle. Get 100 Mental Models! (+ money-back guarantee) gumroad.com/a/288617587/Ax…

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

In the stock market, facts are important, but emphasis is all important. #benjamingraham

In a speculative market, what counts is imagination and not analysts.

It is easy, of course, to pick out good companies, companies that are better than other companies. But that is not the same thing as picking out good stocks to buy at their current prices.

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