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“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.”

 

Benjamin Graham

“The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.”

 

Benjamin Graham

“The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.”

 

Benjamin Graham

“The memory of the financial community is proverbially and distressingly short.”

 

Benjamin Graham

“The most striking thing about Graham’s discussion of how to allocate your assets between stocks and bonds is that he never mentions the word “age”.”

 

Benjamin Graham

“The modern world is not geared properly to the storage of goods.”

 

Benjamin Graham

“It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.”

 

Benjamin Graham

“The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.”

 

Benjamin Graham

“It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.”

 

Benjamin Graham

“The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.”

 

Benjamin Graham

“Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.”

 

Benjamin Graham

“If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.”

 

Benjamin Graham

“There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there’s one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.”

 

Benjamin Graham

“… the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.”

 

Benjamin Graham

“The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.”

 

Benjamin Graham

“Whether we like it or not, government intervention in the face of surplus is here to stay.”

 

Benjamin Graham

“In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline”

 

Benjamin Graham

“The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.”

 

Benjamin Graham

“The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.”

 

Benjamin Graham

“We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.”

 

Benjamin Graham