Бенджамин Грэм цитаты

Бенджамин Грэм фото
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Бенджамин Грэм

Дата рождения: 8. Май 1894
Дата смерти: 21. Сентябрь 1976
Другие имена: 班傑明·葛拉漢, बेंजामिन ग्राहम

Бе́нджамин Грэм — известный американский экономист и профессиональный инвестор. Его часто называют отцом стоимостного инвестирования . Wikipedia

Цитаты Бенджамин Грэм

„It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.“

—  Benjamin Graham

Источник: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 114
Контексте: We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.

„The State can always afford to finance what its citizens can soundly produce.“

—  Benjamin Graham

Part I, Chapter III, The Problem of Conserving Surplus, p. 43 (italics as per text)
Storage and Stability (1937)

„[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.“

—  Benjamin Graham

Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html
The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840
Disputed

„The intelligent investor is a realist who sells to optimists and buys from pessimists.“

—  Benjamin Graham, книга The Intelligent Investor

Источник: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 31
Контексте: Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness.

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

—  Benjamin Graham, книга The Intelligent Investor

Источник: The Intelligent Investor

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„The investor would not be far wrong if this motto read more simply: "Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop."“

—  Benjamin Graham

Источник: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 43

„Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.“

—  Benjamin Graham

Источник: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 48

„Do not let anyone else run your business.“

—  Benjamin Graham, книга The Intelligent Investor

Источник: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 286

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