An ironmonger in London however, assuming a good deal of my pamphlet, and working it up into his own, and making some small changes in the machine, which rather hurt its operation, got a patent for it there, and made,…
An ironmonger in London however, assuming a good deal of my pamphlet, and working it up into his own, and making some small changes in the machine, which rather hurt its operation, got a patent for it there, and made,…
An ironmonger in London however, assuming a good deal of my pamphlet, and working it up into his own, and making some small changes in the machine, which rather hurt its operation, got a patent for it there, and made,…
The governor, seeming to like my company, had me frequently to his house, and his setting me up was always mention'd as a fixed thing. I was to take with me letters recommendatory to a number of his friends, besides the…
21:00 Figures · Investing · Modern investor letters
Benjamin Graham:Mr. Market
Benjamin Graham《The Intelligent Investor》· Chapter 8, The Investor and Market Fluctuations · Investing · Human nature · Decision
If you are a prudent investor or a sensible businessman, will you let Mr. Market’s daily communication determine your view of the value of a $1,000 interest in the enterprise?
The market's daily quote should not determine your view of value.
Context
Mr. Market is Graham's most famous parable: you have a moody business partner who quotes a price every day, sometimes euphoric and sometimes despondent. You may accept his offer or ignore it. The market's quote is a service, not a command; the investor must keep independent judgment.
Today's question
If Mr. Market quoted a crazy price today, would you treat it as a command or as an option?
An ironmonger in London however, assuming a good deal of my pamphlet, and working it up into his own, and making some small changes in the machine, which rather hurt its operation, got a patent for it there, and made,…