9 key ideas from Benjamin Graham's "The Intelligent Investor"

Warren Buffett described The Intelligent Investor as “By far the best book on investing ever written.” The following quotes represent Graham’s key ideas on value investing, specifically his view that wealth accrues to those with self-discipline and a long-term view.

“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”

“The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.”

“You must thoroughly analyze a company, and the soundness of its underlying businesses, before you buy its stock; you must deliberately protect yourself against serious losses; you must aspire to “adequate,” not extraordinary, performance.”

“Invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.”

“Business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains essentially the same.”

“Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”

“The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.”

“In the end, what matters isn’t crossing the finish line before anybody else but just making sure that you do cross it.”

“It’s time for everyone to acknowledge that the term “long-term investor” is redundant. A long-term investor is the only kind of investor there is. Someone who can’t hold on to stocks for more than a few months at a time is doomed to end up not as a victor but as a victim.”