Benjamin Graham：Withstanding Adversity
Benjamin Graham《Security Analysis》· Chapter VII, The Selection of Fixed-Value Investments: Second and Third Principles · Investing · Character · Decision
The rule that a sound investment must be able to withstand adversity seems self-evident enough to be termed a truism.
Source：
https://archive.org/details/dli.ernet.7983
Locator：Chapter VII, p. 91, paragraph beginning “The rule that a sound investment must be able to withstand adversity” · Verified：2026-10-19 · Verification：Exact match
Reading
A sound investment must be able to survive adversity, not just prosper in good times.
Context
Graham used this line to introduce the principle of buying bonds on a depression basis. Any bond looks safe in good times; only a recession reveals the difference between strong and weak issuers. A sound investment must assume that adversity will come, not that good times will last forever.
Today's question
Your portfolio looks fine in good times—but which link would break first when adversity arrives?
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