Benjamin Graham Quotes About Speculation

• La mayoría de las veces, las acciones ordinarias están sujetas a fluctuaciones de precios irracionales y excesivas en ambas direcciones como consecuencia de la tendencia arraigada de la mayoría de la gente a especular o apostar... a ceder a la esperanza, el miedo y la codicia.

  Benjamin Graham

  Hope, Time, Money

• Stock
  speculation is largely a matter of A trying to decide what B, C and D
  are likely to think-with B, C and D trying to do the same.

  Benjamin Graham

  Thinking, Trying, Matter

  Benjamin Graham, David Le Fevre Dodd (1940). “Security Analysis: Principles and Techniques”

• Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

  Benjamin Graham

  Giving, Trying, Investing

• Confusing speculation with investment is always a mistake.

  Benjamin Graham

  Mistake, Confusing, Investing

• The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

  Benjamin Graham

  Investing, Causes, Common

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.20, Harper Collins

• People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

  Benjamin Graham

  Wall, Hype, People

  Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.36, Harper Collins

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