本日佳句 – Graham sums up his lifetime of experience
Posted in Investment on Jan 23rd, 2010
But note this important fact: The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.
- Benjamin Graham, The Intelligent Investor, p.203
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 you know your judgment is sound, act on it – even though others may hesitate or differ.” ( You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right. ) Similarly, in the world of securities, courage becomes a supreme virtue after adequate knowledge and a tested judgment are at hand.
- Benjamin Graham, The Intelligent Investor, p.524
-- Related posts:
