Benjamin Graham：The Limits of Market Timing
Benjamin Graham《Security Analysis》· Introduction, The Factor of Timing · Investing · Decision · Cognition
It is our view that stock-market timing cannot be done, with general success, unless the time to buy is related to an attractive price level, as measured by analytical standards.
Source：
https://archive.org/details/dli.ernet.7983
Locator：Introduction, The Factor of Timing, p. 16, paragraph beginning “The validity of stock-market forecasting methods” · Verified：2026-10-19 · Verification：Exact match
Reading
Market timing only works when tied to analytically attractive prices, not to market signals alone.
Context
Graham did not believe that forecasting major market swings could by itself produce reliable profits. Timing works only when the moment to buy is tied to an analytically attractive price level, not to charts or market mood. First judge price against value; then decide when to act.
Today's question
Is your timing based on the relationship between price and value—or on a guess about the market's next move?
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