Basically, price fluctuations have only one significant meaning for th — Benjamin Graham

"Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult."

"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."

"A price decline is of no real importance to the bona fide investor unless it is either very substantial—say, more than a third from cost—or unless it reflects a known deterioration of consequence in the companys position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected."

"In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical."

"Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions of corporate management. That attitude is summed up in the phrase: "If you dont like the management, sell your stock." [...] The public owners seem to have abdicated all claim to control over the paid superintendents of their property"

"The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio—that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience."

"As long as you keep getting born, it’s okay to die sometimes."

"The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum - even encourage the more critical and dissident views. That gives people the sense that theres free thinking going on, while all the time the presuppositions of the system are being reinforced by the limits put on the range of the debate."

"History is a strange experience. The world is quite small now; but history is large and deep. Sometimes you can go much farther by sitting in your own home and reading a book of history, than by getting onto a ship or an airplane and traveling a thousand miles. When you go to Mexico City through space, you find it a sort of cross between modern Madrid and modern Chicago, with additions of its own; but if you go to Mexico City through history, back only 500 years, you will find it as distant as though it were on another planet: inhabited by cultivated barbarians, sensitive and cruel, highly organized and still in the Copper Age, a collection of startling, of unbelievable contrasts."

"As soon as a thought or word becomes a tool, one can dispense with actually ‘thinking’ it, that is, with going through the logical acts involved in verbal formulation of it. As has been pointed out, often and correctly, the advantage of mathematics—the model of all neo-positivistic thinking—lies in just this ‘intellectual economy.’ Complicated logical operations are carried out without actual performance of the intellectual acts upon which the mathematical and logical symbols are based. … Reason … becomes a fetish, a magic entity that is accepted rather than intellectually experienced."

"Our feminist culture at the present moment is completely dependent on capitalism. My grandmother was still scrubbing clothes on the back porch on a washboard!"

"A word of the faith that never balks, Here or henceforward it is all the same to me, I accept Time absolutely. It alone is without flaw, it alone rounds and completes all, That mystic baffling wonder alone completes all. (23)"