Benjamin Graham citáty

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Benjamin Graham

Datum narození: 8. květen 1894
Datum úmrtí: 21. září 1976
Další jména: 班傑明·葛拉漢, बेंजामिन ग्राहम

Benjamin Graham byl americký ekonom a profesionální investor.

Autor knihy Inteligentní investor. Tato kniha je vychvalována dalšími úspěšnými investory – například Warrenem Buffettem. Wikipedia

„Inteligentní investor je realista, který prodává optimistům a kupuje od pesimistů.“

—  Benjamin Graham

Originál: (en) The intelligent investor is a realist who sells to optimists and buys from pessimists.

„Z krátkodobého hlediska je trh hlasovacím strojem, ale z dlouhodobého hlediska je to vážicí stroj.“

—  Benjamin Graham

Originál: (en) In the short run, the market is a voting machine but in the long run, it is a weighing machine.

„It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.“

—  Benjamin Graham

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.“

—  Benjamin Graham

Part I, Chapter III, The Problem of Conserving Surplus, p. 43 (italics as per text)
Storage and Stability (1937)

„[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.“

—  Benjamin Graham

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.“

—  Benjamin Graham, kniha The Intelligent Investor

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.“

—  Benjamin Graham, kniha The Intelligent Investor

Zdroj: The Intelligent Investor

„It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.“

—  Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 34

„The investor would not be far wrong if this motto read more simply: "Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop."“

—  Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 43

„Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.“

—  Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 48

„The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.“

—  Benjamin Graham

Part II, Chapter VIII, Ultimate Uses of the Stored Units, p. 97
Storage and Stability (1937)

„Do not let anyone else run your business.“

—  Benjamin Graham, kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 286

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