Words from the Wise: Benjamin Graham

Words from the Wise: Benjamin Graham

The Words from the Wise series consists of passages and quotes from renown investors and thinkers that contain timeless wisdom. This passage is from Benjamin Graham’s seminal treatise on investing The Intelligent Investor, a book Warren Buffett described as “By far the best book on investing ever written.” In this passage, Graham shares his perspective on how investors—in contrast with speculators—should view market fluctuations. 

“The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizeable declines nor become excited by sizeable advances. He should always remember that market quotations are there for his convenience, either to be take advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He 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.”

Important Disclosures

Kathmere Capital Management (Kathmere) is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. The information presented in the material is general in nature and is not designed to address your investment objectives, financial situation or particular needs. Prior to making any investment decision, you should assess, or seek advice from a professional regarding whether any particular transaction is relevant or appropriate to your individual circumstances. This material is not intended to replace the advice of a qualified tax advisor, attorney, or accountant. Consultation with the appropriate professional should be done before any financial commitments regarding the issues related to the situation are made.

The opinions expressed herein are those of Kathmere and may not actually come to pass. This information is current as of the date of this material and is subject to change at any time, based on market and other conditions. Although taken from reliable sources, Kathmere cannot guarantee the accuracy of the information received from third parties.

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