An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
Investors
Benjamin Graham
Benjamin Graham (1894-1976), the father of value investing, wrote Security Analysis and The Intelligent Investor. His margin-of-safety and Mr. Market concepts shaped Buffett and generations of disciplined investors.
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Benjamin Graham's Other Quotes
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
The investor's chief problem — and even his worst enemy — is likely to be himself.
The margin of safety is always dependent on the price paid.
Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ.
The individual investor should act consistently as an investor and not as a speculator.