Benjamin Graham Quotes

Cheer the bull, or cheer the bear; cheer both, and you will be trampled and eaten.

When good news about the market hits the front page of the New York Times, sell.

The upward move at the beginning of a bull market is almost always huge compared with the vacillations late in the bear market. If you try to pick a bottom, you will miss a good part of the action.

People always come up to me and ask what the next 'big short' will be. The truth is I simply do not have an answer, and do not want to have an answer, to this question.

A bull market is like sex. It feels best just before it ends.

I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.

Speculation, in its broadest sense, is not an evil in itself, but the contrary, and relieves public distress far oftener than it creates it.

When you trade sometimes you lose.

When the man who ought to want a stock doesn't want it, why should I want it?

Markets tend to always overshoot when they get really ebullient.

Markets are unforgiving, and sometimes they move for reasons we can't possibly foresee.

Because everybody else was investing in the consumer Internet, I did, too.

Too often, the public can fall into the trap of investing when stock prices are rising, not dropping.

More money is lost anticipating the changes in the overall stock market than any other way of investing.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional activities as banks try to rebuild their balance sheets.

Television series are like the stock market. There's room for bears and bulls but no room for pigs.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.