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I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

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There is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management.These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

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【英語】グレアムの一部の英語も高度

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【map】The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

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【map】Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

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In the end, what matters isn’t crossing the finish line before anybody else but just making sure that you do cross it.

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Astute observers of corporate balance sheets are often the first to see business deterioration.

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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

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Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

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