Observation over many years has taught us that the chief losses to inv — Benjamin Graham

"Whether we like it or not, government intervention in the face of surplus is here to stay."

"The modern world is not geared properly to the storage of goods."

"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."

"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."

"The value of the security analyst to the investor depends largely on the investors own attitude. If the investor asks the analyst the right questions, he is likely to get the right—or at least valuable— answers."

"In the life of the mass-order, the culture of the generality tends to conform to the demands of the average human being. Spirituality decays through being diffused among the masses when knowledge is impoverished in every possible way by rationalisation until it becomes accessible to the crude understanding of all."

"I say this to you because we Spaniards are a forgetful people, because we are used to living for the moment, because we do not look back, because we do not know how to see the chain of heroes, because we do not contemplate the sum of sacrifices."

"Sharon Tate was my best friend. Once, we were roommates. She introduced me to my husband. She was the godmother to my baby daughter who is named for her. In the six years time that I knew her, she never said an unkind word about anyone."

"Long time to see. (VS: Tapion)"

"Most mathematicians prove what they can, von Neumann proves what he wants." Once in a discussion about the rapid growth of mathematics in modern times, von Neumann was heard to remark that whereas thirty years ago a mathematician could grasp all of mathematics, that is impossible today. Someone asked him: "What percentage of all mathematics might a person aspire to understand today?" Von Neumann went into one of his five-second thinking trances, and said: "About 28 percent."

"Children must be free to think in all directions irrespective of the peculiar ideas of parents who often seal their childrens minds with preconceived prejudices and false concepts of past generations. Unless we are very careful, very careful indeed, and very conscientious, there is still great danger that our children may turn out to be the same kind of people we are."