The Intelligent Investor, Rev. Ed Kindle Edition by Benjamin Graham,Jason Zweig, Warren E. Buffett (Collaborator)

Ben Graham is considered to be a father of value investing and a teacher of Warren Buffett.

"Great investors have objectivity, simplicity, and passion."

"Great companies to invest are like castles surrounded by a moat, which includes brand, low cost operation, near-monopoly status, and impressive services."

"No matter which techniques they use in picking stocks, successful investing professionals have two things in common: First, they are disciplined and consistent, refusing to change their approach even when it is unfashionable. Second, they think a great deal about what they do and how to do it, but they pay very little attention to what the market is doing."

"As Graham liked to say, in the short run the market is a voting machine, but in the long run it is a weighing machine."

"When you buy a stock, you become an owner of the company."

"The first and most obvious of these principles is, "Know what you're doing--know your business.""

"A second business principle: "Do not let anyone else run your own business, unless (1) you can supervise his performance with adequate care and comprehension or (2) you have unusually strong reasons for placing implicit confidence in his integrity and ability.""

"A third business principle: "Do not enter upon an operation--that is, manufacturing or trading in an item--unless a reliable calculation shows that it has a fair chance to yield a reasonable profit. In particular, keep away from ventures in which you have little to gain and much to lose."

A fourth business rule is more positive: "Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgement is sound, act on it--even though others may hesitate or differ."

The Intelligent Investor, Rev. Ed Kindle Edition
by Benjamin Graham, Jason Zweig, Warren E. Buffett (Collaborator)
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