Benjamin Graham byl americký ekonom a profesionální investor.
Autor knihy Inteligentní investor. Tato kniha je vychvalována dalšími úspěšnými investory – například Warrenem Buffettem.
Wikipedia
„Z krátkodobého hlediska je trh hlasovacím strojem, ale z dlouhodobého hlediska je to vážicí stroj.“
Originál: (en) In the short run, the market is a voting machine but in the long run, it is a weighing machine.
Zdroj: berkshirehathaway.com https://www.berkshirehathaway.com/letters/1993.html [cit. 2022-06-21]
Zdroj: bogleheads.org https://www.bogleheads.org/forum/viewtopic.php?t=77840 [cit. 2022-06-21]
„Inteligentní investor je realista, který prodává optimistům a kupuje od pesimistů.“
Originál: (en) The intelligent investor is a realist who sells to optimists and buys from pessimists.
Zdroj: miras.cz http://www.miras.cz/akcie/investor-benjamin-graham.php [cit. 2022-06-21]
Zdroj: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 114
Kontext: We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.
“The State can always afford to finance what its citizens can soundly produce.”
Part I, Chapter III, The Problem of Conserving Surplus, p. 43 (italics as per text)
Storage and Stability (1937)
Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html
The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840
Disputed
“The intelligent investor is a realist who sells to optimists and buys from pessimists.”
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 31
Kontext: Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness.
“Those who do not remember the past are condemned to repeat it.”
Zdroj: The Intelligent Investor
Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153
Storage and Stability (1937)
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 34
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 35
Part IV, Chapter XIV, Farm Problems and Remedies, p. 172
Storage and Stability (1937)
Introduction, p. xxiv
The Intelligent Investor: The Classic Text on Value Investing (1949)
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 43
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 51
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 48
Preface, p. vii
Storage and Stability (1937)
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 7
Part II, Chapter VIII, Ultimate Uses of the Stored Units, p. 97
Storage and Stability (1937)
“Do not let anyone else run your business.”
Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 286
Part III, Chapter X, The Status of Gold and Silver, p. 127
Storage and Stability (1937)
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter XIV, Stockholders and Managements, p. 209
Zdroj: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 109
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 45
Part II, Chapter IX, The Cost of the Reservoir Plan, p. 114
Storage and Stability (1937)
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 40
“The modern world is not geared properly to the storage of goods.”
Zdroj: World Commodities and World Currencies (1944), Chapter III, The Paradox of the Stockpile, p. 23
“Whether we like it or not, government intervention in the face of surplus is here to stay.”
Part I, Chapter II, Government and Surplus Stocks, p. 26
Storage and Stability (1937)
Zdroj: World Commodities and World Currencies (1944), Chapter V, Stabilization of Raw Materials, p. 56
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 36
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 21
Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25
