أقوال Benjamin Graham

جميع أقوال Benjamin Graham

1. "The investor should impose some limit on the price he will pay for an issue in relation to its earnings. A strong balance sheet is the first requirement for any investment."

   المصدر: _The Intelligent Investor_ (1949)

   Financial strength is the foundation of business quality assessment.

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2. "The company should have a long record of paying dividends and no earnings deficit in the last five years. Consistent earnings are more important than growing earnings."

   المصدر: _The Intelligent Investor_ (1949)

   Consistent earnings history indicates business quality.

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3. "An uninterrupted record of paying dividends for at least 20 years is a positive quality factor. Dividends signal management confidence in future earnings."

   المصدر: _The Intelligent Investor_ (1949)

   Long dividend history demonstrates consistent profitability.

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4. "To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks. The intelligent investor needs to stay within areas they can analyze."

   المصدر: _The Intelligent Investor_ (1949)

   Stay within your analytical capabilities.

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5. "The investor's chief problem — and even his worst enemy — is likely to be himself. Before deciding on an investment, you must first know what kind of investor you are."

   المصدر: _The Intelligent Investor_ (1949)

   Self-knowledge is essential for investment success.

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6. "The defensive investor should confine his holdings to the shares of important companies with long records of profitable operations and in strong financial condition."

   المصدر: _The Intelligent Investor_ (1949)

   Stick to well-established, financially strong companies.

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7. "Buy stocks of companies selling at less than their net current asset value — that is, below the value of current assets after deducting all prior obligations."

   المصدر: _The Intelligent Investor_ (1949)

   Buy below liquidation value for maximum safety.

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8. "There is a close logical connection between the concept of a safety margin and the principle of diversification. Even with a margin in the investor's favor, an individual security may work out badly."

   المصدر: _The Intelligent Investor_ (1949)

   Diversify to protect against individual stock risk.

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9. "Current price should not be more than 1.5 times the book value last reported. A moderately low ratio of price to book value is another criterion for the defensive investor."

   المصدر: _The Intelligent Investor_ (1949)

   Use price-to-book as a value screen for safety.

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10. "The investor should sell when his stock has risen to a level where the price no longer represents a bargain relative to its intrinsic value."

    المصدر: _The Intelligent Investor_ (1949)

    Sell when price exceeds intrinsic value.

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11. "We recommend that the investor's portfolio of common stocks should be tested for quality by applying suitable standards to each holding. Periodic review and rebalancing is essential."

    المصدر: _The Intelligent Investor_ (1949)

    Regularly review and rebalance your portfolio.

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12. "Imagine having a partner named Mr. Market who offers to buy or sell shares at a different price every day. Sometimes his price is reasonable, but often it is absurdly high or low. You are free to ignore him."

    المصدر: _The Intelligent Investor_ (1949)

    The market is your servant, not your master.

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13. "The intrinsic value of a stock is the value justified by the facts — the assets, earnings, dividends, and definite prospects. This value is independent of the market price."

    المصدر: _The Intelligent Investor_ (1949)

    Intrinsic value exists independently of market price.

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14. "Confronted with the need to estimate future growth, I am ready to adopt as a rule of thumb a margin of safety of about 50%. The function of the margin of safety is to render unnecessary an accurate estimate of the future."

    المصدر: _The Intelligent Investor_ (1949)

    Margin of safety eliminates the need for precise predictions.

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15. "The investor cannot prudently judge management merely by the results. He must look at management's character, their honesty, and their treatment of stockholders."

    المصدر: _The Intelligent Investor_ (1949)

    Evaluate management integrity alongside results.

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16. "The individual investor should consistently act as an investor and not as a speculator. Investment is most intelligent when it is most businesslike."

    المصدر: _The Intelligent Investor_ (1949)

    Treat investing as a business, not entertainment.

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17. "Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ."

    المصدر: _The Intelligent Investor_ (1949)

    Trust your informed judgment against the crowd.

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18. "We recommend selecting stocks using quantitative criteria: earnings-to-price yield, dividend record, balance sheet strength, and moderate price-to-earnings ratios."

    المصدر: _The Intelligent Investor_ (1949)

    Use quantitative criteria to screen for value stocks.

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19. "The true investor does his best work in a declining market, because he seeks values. Real opportunities in stocks come when they are temporarily unloved by the market."

    المصدر: _The Intelligent Investor_ (1949)

    The best bargains appear during market downturns.

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20. "We suggested as a minimum requirement that the total equity be at least half the total capitalization, and that total current assets should be at least equal to total current liabilities."

    المصدر: _The Intelligent Investor_ (1949)

    Apply strict balance sheet tests before buying.

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21. "Individuals who cannot master their emotions are ill-suited to profit from the investment process. The investor's chief problem — and even his worst enemy — is likely to be himself."

    المصدر: _The Intelligent Investor_ (1949)

    Emotional control is essential for investment success.

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22. "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."

    المصدر: _The Intelligent Investor_ (1949)

    Base decisions on facts, not crowd opinion.

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23. "The market is there to serve you, not to guide you. It is folly to sell because the market has gone down. The real investor does not sell out to Mr. Market."

    المصدر: _The Intelligent Investor_ (1949)

    Let market prices serve your strategy, not dictate it.

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24. "In the short run the market is a voting machine but in the long run it is a weighing machine. Price eventually converges to value, but the timing is unpredictable."

    المصدر: _The Intelligent Investor_ (1949)

    Long-term prices reflect value, short-term prices reflect sentiment.

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25. "The intelligent investor is a realist who sells to optimists and buys from pessimists. Investment is most successful when it is most businesslike."

    المصدر: _The Intelligent Investor_ (1949)

    Treat investing as a disciplined business process.

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26. "The defensive investor will place his chief emphasis on the avoidance of serious mistakes or losses. The enterprising investor will devote time and care to the selection of securities that are both sound and more attractive than average."

    المصدر: _The Intelligent Investor_ (1949)

    Choose your investor type and build a system around it.

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27. "The defensive investor needs to seek professional advice."

    المصدر: _The Intelligent Investor_ (1949)

    Recognize the limits of your own expertise and seek qualified professional guidance for portfolio management.

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28. "The investor should be guided by long-term considerations and not by short-term market fluctuations."

    المصدر: _The Intelligent Investor_ (1949)

    Base all investment decisions on long-term business fundamentals, never on short-term price movements.

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29. "The investor should periodically rebalance his portfolio to maintain the desired asset allocation."

    المصدر: _The Intelligent Investor_ (1949)

    Periodically rebalance your portfolio to restore target allocations and systematically sell high and buy low.

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30. "The defensive investor will avoid the temptation to stray into the unknown in search of higher returns."

    المصدر: _The Intelligent Investor_ (1949)

    Stay within your circle of competence and resist the allure of unfamiliar investments promising higher returns.

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31. "An index fund is the best choice for the investor who cannot or does not want to devote time to security selection."

    المصدر: _The Intelligent Investor_ (1949)

    Index funds offer the best risk-adjusted returns for investors who cannot dedicate time to individual stock analysis.

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32. "The simplest policy for the defensive investor is to invest a fixed amount at regular intervals."

    المصدر: _The Intelligent Investor_ (1949)

    Invest fixed amounts at regular intervals through dollar-cost averaging to remove emotion from the process.

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33. "The defensive investor must confine himself to the shares of important companies with a long record of profitable operations."

    المصدر: _The Intelligent Investor_ (1949)

    Defensive investors should only hold shares of large, established companies with proven long-term profitability records.

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34. "Qualitative factors are those related to the nature of the business, the competitive situation, and management."

    المصدر: "Security Analysis" (1934)

    Supplement quantitative screening with qualitative assessment of business quality, competition, and management integrity.

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35. "There should have been an increase of at least one-third in per-share earnings over the past ten years."

    المصدر: _The Intelligent Investor_ (1949)

    Require at least one-third earnings growth over ten years to confirm the business has genuine forward momentum.

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36. "The company should have annual sales of at least $100 million for an industrial company."

    المصدر: _The Intelligent Investor_ (1949)

    Restrict investments to large established companies whose size provides inherent stability and market resilience.

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37. "Some payment of dividend must have been made in every year for at least the past 20 years."

    المصدر: _The Intelligent Investor_ (1949)

    Demand an unbroken record of annual dividend payments spanning at least twenty years before investing.

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38. "Long-term debt should not exceed working capital."

    المصدر: _The Intelligent Investor_ (1949)

    Long-term debt must not exceed working capital to ensure the company can survive economic downturns.

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39. "Current assets should be at least twice current liabilities."

    المصدر: _The Intelligent Investor_ (1949)

    Require current assets to be at least double current liabilities as a minimum test of financial stability.

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40. "The product of PE and PB should not exceed 22.5."

    المصدر: _The Intelligent Investor_ (1949)

    Multiply PE ratio by PB ratio and reject any stock where the product exceeds 22.5.

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41. "Current price should not be more than 1.5 times the book value last reported."

    المصدر: _The Intelligent Investor_ (1949)

    Only buy stocks priced at no more than 1.5 times book value to ensure a tangible asset backing.

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42. "The current price should not be more than 15 times average earnings of the past three years."

    المصدر: _The Intelligent Investor_ (1949)

    Limit stock purchases to those trading at no more than 15 times their three-year average earnings.

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43. "A record of continuous dividend payments for at least 20 years is a favorable factor."

    المصدر: _The Intelligent Investor_ (1949)

    A track record of uninterrupted dividends over twenty years signals financial strength and management discipline.

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44. "Earning power is the key element in the valuation of a common stock."

    المصدر: _Security Analysis_ (1934)

    A company's demonstrated ability to generate consistent earnings is the primary driver of its stock valuation.

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45. "The analyst's conclusions must always rest upon figures and upon established tests and standards."

    المصدر: "Security Analysis" (1934)

    Investment analysis must be grounded in quantitative data and standardized tests, not subjective opinions.

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46. "The investor must be prepared financially and psychologically for the possibility of wide price fluctuations."

    المصدر: _The Intelligent Investor_ (1949)

    Prepare both your finances and emotions for inevitable large price swings to avoid destructive panic reactions.

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47. "The public speculator is invariably wrong at extremes."

    المصدر: _The Intelligent Investor_ (1949)

    The general public consistently makes its worst investment decisions at market peaks and troughs.

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48. "In the financial markets, history repeats itself in a never-ending cycle of boom and bust."

    المصدر: _Security Analysis_ (1934)

    Market cycles of overvaluation and undervaluation repeat endlessly as human psychology remains constant.

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49. "It is absurd to think that the general public can ever make money out of market forecasts."

    المصدر: _The Intelligent Investor_ (1949)

    Market timing based on forecasts is futile because no one can reliably predict short-term price movements.

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50. "Market fluctuations should be viewed as an opportunity to buy low and sell high."

    المصدر: _The Intelligent Investor_ (1949)

    Treat market volatility as a source of opportunity by buying undervalued assets during downturns.

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51. "The investor who permits himself to be stampeded by market declines is perversely transforming his basic advantage into a basic disadvantage."

    المصدر: _The Intelligent Investor_ (1949)

    Selling during market panics converts your temporary paper loss into a permanent real loss.

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52. "In the short run, the market is a voting machine. In the long run, it is a weighing machine."

    المصدر: _Security Analysis_ (1934)

    Short-term prices reflect popular opinion, but long-term prices ultimately reflect actual business fundamentals.

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53. "Imagine that you own a small share of a private business, and one of your partners, named Mr. Market, is very obliging indeed."

    المصدر: _The Intelligent Investor_ (1949)

    Treat the market as an emotional business partner whose daily price quotes you can exploit or ignore.

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54. "The essence of investment management is the management of risks, not the management of returns."

    المصدر: "Security Analysis" (1934)

    Successful investing is fundamentally about controlling risk exposure, not maximizing return potential.

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55. "The first rule of investment is don't lose. And the second rule is don't forget the first rule."

    المصدر: _Security Analysis_ (1934)

    Capital preservation must be your absolute first priority because losses require disproportionate gains to recover.

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56. "The investor should never have less than 25% or more than 75% of his funds in common stocks."

    المصدر: _The Intelligent Investor_ (1949)

    Maintain a flexible stock-bond allocation between 25-75% to adapt to changing market valuations.

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57. "Diversification is an established tenet of conservative investment."

    المصدر: _The Intelligent Investor_ (1949)

    Spread investments across multiple securities to reduce the impact of any single wrong decision.

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58. "A stock is cheap when it sells at a price below its net current asset value."

    المصدر: _Security Analysis_ (1934)

    Stocks trading below net current asset value offer a quantifiable margin of safety with built-in downside protection.

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59. "The true investor will do better if he forgets about the stock market."

    المصدر: _The Intelligent Investor_ (1949)

    Focus on the underlying business performance rather than daily stock price movements to protect your assets.

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60. "It is better to be roughly right than precisely wrong."

    المصدر: The General Theory of Employment, Interest and Money (cited by Graham) (1949)

    Use conservative valuation estimates because approximate accuracy beats false precision in investing.

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61. "Intrinsic value is that value which is justified by the facts."

    المصدر: _Security Analysis_ (1934)

    Intrinsic value must be grounded in verifiable financial facts, not projections or market sentiment.

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62. "Price is what you pay, value is what you get."

    المصدر: _Security Analysis_ (1934)

    Distinguish sharply between market price and underlying business value to avoid overpaying for assets.

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63. "The margin of safety is always dependent on the price paid."

    المصدر: _The Intelligent Investor_ (1949)

    Your margin of safety is entirely determined by how far below intrinsic value you purchase an asset.

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64. "Those who do not remember the past are condemned to repeat it."

    المصدر: The Intelligent Investor (citing George Santayana) (1949)

    Studying financial history is essential because market patterns of boom and bust inevitably recur.

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65. "The investor's chief problem—and even his worst enemy—is likely to be himself."

    المصدر: _The Intelligent Investor_ (1949)

    Your own emotional impulses and cognitive biases are a far greater threat than any external market risk.

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66. "The investor should recognize that the more he succeeds in imitating the professional, the more likely it is that he will get average returns."

    المصدر: _The Intelligent Investor_ (1949)

    Amateur investors who mimic professional trading strategies will likely earn only average returns at best.

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67. "To achieve satisfactory investment results is easier than most people realize."

    المصدر: _The Intelligent Investor_ (1949)

    Achieving satisfactory investment returns requires simple discipline, not extraordinary intelligence or effort.

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68. "The defensive investor will place his chief emphasis on the avoidance of serious mistakes or losses."

    المصدر: _The Intelligent Investor_ (1949)

    Defensive investors prioritize avoiding catastrophic losses over pursuing exceptional gains.

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69. "The intelligent investor is a realist who sells to optimists and buys from pessimists."

    المصدر: _The Intelligent Investor_ (1949)

    The intelligent investor exploits market emotions by buying when others panic and selling when others are euphoric.

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70. "The speculator gambles on future developments rather than profits from them."

    المصدر: _The Intelligent Investor_ (1949)

    Speculators bet on unpredictable future events while investors profit from demonstrable present value.

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71. "An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return."

    المصدر: _The Intelligent Investor_ (1949)

    True investing demands rigorous analysis ensuring both capital preservation and reasonable returns before committing funds.

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