Ben Graham was a truly formidable mind, and he also had a clarity in w — 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."

"Gentlemen, no fighting please. This is, after all, a council of war. (p. 26)"

"I should say that when people talk about capitalism its a bit of a joke. Theres no such thing. No country, no business class, has ever been willing to subject itself to the free market, free market discipline. Free markets are for others. Like, the Third World is the Third World because they had free markets rammed down their throat. Meanwhile, the enlightened states, England, the United States, others, resorted to massive state intervention to protect private power, and still do. Thats right up to the present. I mean, the Reagan administration for example was the most protectionist in post-war American history. Virtually the entire dynamic economy in the United States is based crucially on state initiative and intervention: computers, the internet, telecommunication, automation, pharmaceutical, you just name it. Run through it, and you find massive ripoffs of the public, meaning, a system in which under one guise or another the public pays the costs and takes the risks, and profit is privatized. Thats very remote from a free market. Free market is like what India had to suffer for a couple hundred years, and most of the rest of the Third World."

"The Dwarf sees farther than the Giant, when he has the Giants shoulders to mount on."

"If civilization has an opposite, it is war."

"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)"

"I am dominated by one thing, an irresistible, burning attraction towards the abstract. The expression of human feelings and the passions of man certainly interest me deeply, but I am less concerned with expressing the motions of the soul and mind than to render visible, so to speak, the inner flashes of intuition which have something divine in their apparent insignificance and reveal magic, even divine horizons, when they are transposed into the marvellous effects of pure plastic art."