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Benjamin Graham citations
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Benjamin Graham , économiste, entrepreneur et investisseur américain du XXe siècle, a été reconnu mondialement comme l'investisseur le plus doué de la planète.

Il est le mentor de Warren Buffett, un des hommes les plus riches du monde, et de bien d'autres investisseurs qui le considèrent comme le chef de file d'un nouveau type d'investissements : l'investissement dans la valeur.

Graham obtient son diplôme de l'université de Columbia en 1914, dans la foulée il entre dans une société de courtage en bourse où il est coursier. Son premier succès boursier est obtenu très tôt, lorsqu'il achète des actions d'un conglomérat minier mis en liquidation, Graham avait calculé que la somme des différentes parties présentait une valeur bien supérieure au cours de bourse. Plusieurs années plus tard, il devient associé au sein d'un cabinet et obtient très vite un revenu annuel de 500 000$ ce qui est énorme pour l'époque.

En 1926, il crée un fonds d'investissement en s'associant avec Jerome Newman. Au cours des 30 années qui ont suivi, son fonds d'investissement a généré un rendement annuel moyen de 17%.

En 1928, Graham commence à enseigner l'investissement dans la valeur à la Columbia Business School.

Le krach de 1929 lui fait perdre une grande partie de sa fortune personnelle mais sa société survit surtout grâce à l'aide de ses amis et la vente de certains biens personnels. Graham tire de précieux enseignements de ce krach et affine encore son approche de l'investissement value.

Alors âgé de seulement 39 ans, il a contribué au Securities Exchange Act de 1933, la première loi à exiger des sociétés cotées de fournir des relevés comptables certifiés par des commissaires aux comptes indépendants.

En 1934, Graham écrit son premier livre, intitulé Security Analysis en collaboration avec David Dodd, ce livre est devenu une bible pour les investisseurs. Il explique comment un investisseur peut obtenir des rendements satisfaisants s'il est en mesure d'évaluer à peu près une entreprise sur base de ses états financiers.

En 1949, parait « L'investisseur Intelligent » qui est selon Warren Buffett « le meilleur livre jamais écrit sur l'investissement ». Dans cet ouvrage, les lecteurs font la connaissance de Monsieur Le Marché un maniaco-dépressif qui représente entre autres la bourse, ensuite, les lecteurs de ce livre font aussi la connaissance de la marge de sécurité et de la différence entre l'investissement et spéculation. Graham classe aussi les investisseurs en deux grandes classes : Les défensifs et les entreprenants.

✵ 8. mai 1894 – 21. septembre 1976   •   Autres noms बेंजामिन ग्राहम, 班傑明·葛拉漢
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Benjamin Graham: 64   citations 0   J'aime

Benjamin Graham: Citations en anglais

“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.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 11

“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.”

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Benjamin Graham

Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234 (See also; Karl Marx, Capital)
Storage and Stability (1937)

“All the real money in investment will have to be made—as most of it has been in the past— not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 17

“Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 42

“Good managements produce a good average market price, and bad managements produce bad market prices.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 44

“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.”

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Part IV, Chapter XVI, Reservoir Plan Versus Crop Control, p. 195
Storage and Stability (1937)

“Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.”

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Part II, Chapter VIII,Ultimate Uses of the Stored Units, p. 103
Storage and Stability (1937)

“The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.”

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

“Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.”

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Benjamin Graham livre The Intelligent Investor

Source: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 280

“The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 8

“Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.”

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Part II, Chapter VI, The Question of Price Stability, p. 85
Storage and Stability (1937)

“Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.”

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Benjamin Graham

Source: World Commodities and World Currencies (1944), Chapter IX, Commodities, Gold, Credit as Money, p. 100 (See also Karl Marx, Capital Volume I, p. 89)

“Why should the cotton growers suffer if there is shortage of wheat?”

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Part II, Chapter V, Reservoir System and Commodities, p. 72
Storage and Stability (1937)

“Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions of corporate management. That attitude is summed up in the phrase: "If you don't like the management, sell your stock." […] The public owners seem to have abdicated all claim to control over the paid superintendents of their property”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 18

“The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 38

“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.”

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Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 232
Storage and Stability (1937)

“It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.”

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Part I, Chapter II, Government and Surplus Stocks, p. 28
Storage and Stability (1937)

“Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.”

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Benjamin Graham

Part I, Chapter I, The Changing Role of Surplus Stocks, p. 4
Storage and Stability (1937)

“The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.”

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Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 154
Storage and Stability (1937)

“Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.”

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Benjamin Graham livre The Intelligent Investor

Source: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 7, Portfolio Policy: The Positive Side, p. 75

“The investor has the benefit of the stock market's daily and changing appraisal of his holdings, for whatever that appraisal may be worth, and, second, that the investor is able to increase or decrease his investment at the market's daily figure—if he chooses. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 41

“Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.”

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Benjamin Graham livre The Intelligent Investor

Source: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 16, Convertible Issues and Warrants, p. 225

“In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.”

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Benjamin Graham

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25

“Investment is most intelligent when it is most businesslike.”

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Benjamin Graham livre The Intelligent Investor

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

“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.”

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Part II, Chapter IV, A Plan For Conserving Surplus, p. 50
Storage and Stability (1937)

“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.”

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Source: World Commodities and World Currencies (1944), Chapter II, The Issue of Cartels, p. 21

“The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.”

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Benjamin Graham

Source: World Commodities and World Currencies (1944), Chapter I, The Problem of Raw Materials, p. 5

“You are neither right nor wrong because people agree with you.”

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As quoted by Warren Buffett, in an interview in Forbes magazine (1 November 1974)

“Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.”

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Part I, Chapter I, The Changing Role of Surplus Stocks, p. 17
Storage and Stability (1937)

“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

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Benjamin Graham livre The Intelligent Investor

Source: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 287

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