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Who Said This?…
By JLP | January 20, 2006
“One thing badly needed by investors – and a quality they rarely seem to have – is a sense of financial history. In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline. Yet the market tends to greet each upsurge as if it were the beginning of an endless growth and each decline in earnings as if it presaged ultimate extinction.”
So, who said that? Any guesses? Leave a comment.
UPDATE: Jonathan was correct (see comments below). It was Benjamin Graham. I found the quote in the introduction to the 1949 reprint edition of The Intelligent Investor, which is a really nice book. It would make a great gift idea.
One thing I did find kind of funny about this particular book is that the foreward is by John Bogle. Bogle’s not big on “security analysis” and pretty much says that it is a waste of time. If that’s true, then why should we bother reading the book? I’m reading it because I think you can find bargains if you know how to look for them.
Topics: Investing | 2 Comments »
January 20th, 2006 at 11:06 pm
I would say Buffett but that would be too easy. Benjamin Graham?
January 22nd, 2006 at 4:17 pm
Ha! It sounded like a value investor, and Graham and Buffett are the only value investor names I know. I went to Barnes to check out Security Analysis – it is REALLY thick! I don’t think I have the discipline to read that thing right now.