This phrase, "diligent in business," reminds me of an old friend of mine in Cleveland who was devoted to his work. I talked to him, and no doubt bored him unspeakably, on my special hobby, which has always been what…
This phrase, "diligent in business," reminds me of an old friend of mine in Cleveland who was devoted to his work. I talked to him, and no doubt bored him unspeakably, on my special hobby, which has always been what…
This phrase, "diligent in business," reminds me of an old friend of mine in Cleveland who was devoted to his work. I talked to him, and no doubt bored him unspeakably, on my special hobby, which has always been what…
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,…
21:00 Figures · Investing · Modern investor letters
Benjamin Graham:Defensive vs. Enterprising
Benjamin Graham《The Intelligent Investor》· Introduction · Investing · Character · Action
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.
The enterprising investor is defined by the willingness to do the work of selection.
Context
Graham divided investors into defensive and enterprising types. The defensive investor puts avoidance of serious mistakes first and wants freedom from bother; the enterprising investor is willing to devote time and care to selecting sound, above-average securities. The difference is effort and temperament, not intelligence.
Today's question
How much time and effort will you devote to investing—and does your current approach fit the defensive or enterprising role?
This phrase, "diligent in business," reminds me of an old friend of mine in Cleveland who was devoted to his work. I talked to him, and no doubt bored him unspeakably, on my special hobby, which has always been what…