Benjamin Graham cytaty

Benjamin Graham – inwestor, filozof praktycznego inwestowania.

Benjamin Graham urodził się 9 maja 1894 roku w żydowskiej rodzinie jako Benjamin Grossbaum w Londynie. Ojciec handlował porcelanowymi figurkami i naczyniami. Gdy Benjamin miał rok, jego rodzina przeniosła się do Nowego Jorku. Po śmierci ojca w 1903 roku biznes rodzinny się rozpadł, a matka zrobiła w domu pensjonat i zaczęła inwestować na giełdzie. Jednak w 1907 roku splajtowała.

Benjamin Graham zdobył stypendium na Columbia University i w 1914 roku ukończył je z drugim wynikiem na roku. Gdy miał 20 lat, trzy wydziały – filozofii, języka angielskiego i matematyki – zaproponowały mu stanowiska. Jednak Graham wybrał Wall Street. Zaczął od pracy urzędniczej w firmie handlującej obligacjami a następnie kierował firmą inwestycyjną należącą częściowo do niego. W 1919 roku osiągnął 250% zysku już pierwszego dnia obrotu akcjami Savold Tire. Mimo krachu w latach 1929-1932 sięgającego 70% Grahamowi udało się przetrwać.

Graham uważał, że wszystkich inwestorów giełdowych można podzielić na dwie grupy: aktywni – ci którzy poświęcają czas i umiejętności na jak najlepsze decyzje inwestycyjne oraz druga grupa pasywni, bierni – to ci którzy powierzają inwestowanie specjalistom. Graham ponadto rozróżniał spekulacje - nastawione na zysk wynikający wyłącznie z wzrostu ceny papierów wartościowych oraz inwestycje - mające na celu zakup papierów wartościowych za cenę odpowiadającą wartości, mających określone perspektywy wzrostu tej wartości. Wikipedia  

✵ 8. Maj 1894 – 21. Wrzesień 1976   •   Natępne imiona बेंजामिन ग्राहम, 班傑明·葛拉漢
Benjamin Graham Fotografia
Benjamin Graham: 64   Cytaty 0   Polubień

Benjamin Graham: Cytaty po angielsku

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

Źródło: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 114
Kontekst: 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.”

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.”

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 książka The Intelligent Investor

Źródło: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 31
Kontekst: 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 książka The Intelligent Investor

Źródło: The Intelligent Investor

“It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.”

Źródło: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 34

“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."”

Źródło: 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.”

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

“The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.”

Part II, Chapter VIII, Ultimate Uses of the Stored Units, p. 97
Storage and Stability (1937)

“Do not let anyone else run your business.”

Benjamin Graham książka The Intelligent Investor

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

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

Źródło: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 109

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

Źródło: World Commodities and World Currencies (1944), Chapter III, The Paradox of the Stockpile, p. 23

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

Part I, Chapter II, Government and Surplus Stocks, p. 26
Storage and Stability (1937)

“Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.”

Źródło: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 21