Frases de Benjamin Graham

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Benjamin Graham

Fecha de nacimiento: 8. Mayo 1894
Fecha de muerte: 21. Septiembre 1976
Otros nombres: 班傑明·葛拉漢, बेंजामिन ग्राहम

Benjamin Graham fue un inversionista, autor y profesor. Lo conocían como The Dean of Wall Street. Graham es considerado el padre del Value Investing , una estrategia de inversión que empezó a enseñar en la Columbia Business School en 1928 y cuyo término refinó posteriormente a lo largo de las ediciones de su famoso libro Security Analysis , co-escrito con David Dodd. Además, también se le reconoce como el padre del activismo accionario.[1]​Entre los discípulos de Graham se encuentran Charles Brandes,[2]​ Tom Knapp,[3]​ Warren Buffett,[4]​ William J. Ruane,[5]​ Irving Kahn[6]​ y Walter J. Schloss.[7]​ Buffett reconoce que Graham fue quien le proveyó con una sólida estructura intelectual para la inversión y lo describe como la persona que más ha influido en su vida después de su padre. De hecho, Graham tuvo tal influencia en sus estudiantes que dos de ellos, Buffett y Kahn, nombraron a sus hijos, Howard Graham Buffett y Thomas Graham Kahn, en su honor. Wikipedia

Frases Benjamin Graham

„It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.“

—  Benjamin Graham

Fuente: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 114
Contexto: We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.

„The State can always afford to finance what its citizens can soundly produce.“

—  Benjamin Graham

Part I, Chapter III, The Problem of Conserving Surplus, p. 43 (italics as per text)
Storage and Stability (1937)

„[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.“

—  Benjamin Graham

Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html
The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840
Disputed

„The intelligent investor is a realist who sells to optimists and buys from pessimists.“

—  Benjamin Graham, libro The Intelligent Investor

Fuente: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 31
Contexto: Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness.

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„Do not let anyone else run your business.“

—  Benjamin Graham, libro The Intelligent Investor

Fuente: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 286

„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“

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