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Echoes

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Benjamin Graham
Benjamin Graham
1949

“All the real money in investment will have to be made—as most of it has been in the past— not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.”

❧
Benjamin Graham
Benjamin Graham
·1949

The individual investor should act consistently as an investor and not as a speculator.

Benjamin Graham
Benjamin Graham
·1949

Basically, 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. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.

Warren Buffett
Warren Buffett
·1988·Omaha, Nebraska, USA

Our favorite holding period is forever.

Benjamin Graham
Benjamin Graham
·1949

Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.

Benjamin Graham
Benjamin Graham
·1949

Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.

Benjamin Graham
Benjamin Graham
·1973

Investment is most intelligent when it is most businesslike.

Benjamin Franklin
Benjamin Franklin
·1758

The way to wealth is as plain as the way to market. It depends chiefly on two words: industry and frugality — that is, waste neither time nor money, but make the best use of both.

Benjamin Graham
Benjamin Graham
·1949

In the short run, the market is a voting machine, but in the long run, it is a weighing machine.

Wendell Berry
Wendell Berry
·1973·Henry County, Kentucky, USA

Invest in the millennium. Plant sequoias. Say that your main crop is the forest that you did not plant, that you will not live to harvest.

Warren Buffett
Warren Buffett
·1989·Omaha, Nebraska, USA

Time is the friend of the wonderful business, the enemy of the mediocre.

Chanakya
Chanakya
·-300 AD

Be ever active in the management of the economy, because the root of wealth is economic activity; inactivity brings material distress.

Thomas à Kempis
Thomas à Kempis
·1427

The fashion of this world passeth away and I would fain occupy myself with the things that are abiding.

Akio Morita
Akio Morita
·1986

...if you are nothing but profit-conscious, you cannot see the opportunities ahead.

Benjamin Franklin
Benjamin Franklin
·1736

If you would be wealthy, think of saving as well as getting.

Benjamin Graham
Benjamin Graham
·1973

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

Chanakya
Chanakya
·-300 AD

Accumulated wealth is saved by spending, just as incoming fresh water is saved by letting out stagnant water.

Marcus Aurelius
Marcus Aurelius
·180 AD

But true good fortune is what you make for yourself. Good fortune: good character, good intentions, and good actions.

Nikola Tesla
Nikola Tesla
·1999

Let the future tell the truth and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I really worked, is mine.

Charlie Munger
Charlie Munger
·2007

I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.

Thomas Edison
Thomas Edison
·1898

I never did anything worth doing by accident, nor did any of my inventions come indirectly through accident, except the phonograph. No, when I have, fully decided that a result is worth getting, I go about it, and make trial after trial, until it comes.

Seneca
Seneca
·65 AD

The point is, not how long you live, but how nobly you live. And often this living nobly means that you cannot live long.

Confucius
Confucius
·-500 AD

Wealth and honor are what every man desires. But if they have been obtained in violation of moral principles, they must not be kept.

Cicero
Cicero
·44 BC·Rome, Italy

He plants trees whose shade another age will enjoy.

Benjamin Franklin
Benjamin Franklin
·1758·Philadelphia

An investment in knowledge pays the best interest.

Theodore Roosevelt
Theodore Roosevelt
·1900

No country can long endure if its foundations are not laid deep in the material prosperity which comes from thrift, from business energy and enterprise, from hard, unsparing effort in the fields of industrial activity; but neither was any nation ever yet truly great if it relied upon material prosperity alone. All honor must be paid to the architects of our material prosperity, to the great captains of industry who have built our factories and our railroads, to the strong men who toil for wealth with brain or hand; for great is the debt of the nation to these and their kind. But our debt is yet greater to the men whose highest type is to be found in a statesman like Lincoln, a soldier like Grant. They showed by their lives that they recognized the law of work, the law of strife; they toiled to win a competence for themselves and those dependent upon them; but they recognized that there were yet other and even loftier duties—duties to the nation and duties to the race. We cannot sit huddled within our own borders and avow ourselves merely an assemblage of well-to-do hucksters who care nothing for what happens beyond. Such a policy would defeat even its own end; for as the nations grow to have ever wider and wider interests, and are brought into closer and closer contact, if we are to hold our own in the struggle for naval and commercial supremacy, we must build up our power without our own borders. We must build the Isthmian Canal, and we must grasp the points of vantage which will enable us to have our say in deciding the destiny of the oceans of the East and the West.