Work
The Intelligent Investor
Benjamin Graham · Passages from the same work, in order.
Margin of Safety
Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY.
Graham reduces sound investing to three words: margin of safety.
Investing · Decision · Wealth · Modern investor letters
Defensive vs. Enterprising
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of…
The enterprising investor is defined by the willingness to do the work of selection.
Investing · Character · Action · Modern investor letters
Inflation and Stock Prices
There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.
Inflation does not move stock earnings and prices on a predictable timetable.
Investing · History · Cognition · Modern investor letters
Mr. Market
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…
The market's daily quote should not determine your view of value.
Investing · Human nature · Decision · Modern investor letters
Diversification and Margin of Safety
Diversification is an established tenet of conservative investment. By accepting it so universally, investors are really demonstrating their…
Diversification is the practical companion of the margin-of-safety principle.
Investing · Decision · Wealth · Modern investor letters