The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
Benjamin Graham
Wall Street people learn nothing and forget everything.
people learn wall forget
The individual investor should act consistently as an investor and not as a speculator. This means.. That he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
worth individual act reasoning price
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble.. To give way to hope, fear and greed.
people thetimes time greed fear price common irrational hope give
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
order security analysis opportunities find
The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
finance man people power system
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
results people
plans nations money
The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.
business war system
The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
war
Whether we like it or not, government intervention in the face of surplus is here to stay.
government
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.
business
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
quality thetimes time business
Do not let anyone else run your business
It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
misfortune thetimes time
Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
growth experience
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