Money and Finance
- Investing And Speculation...
From Brandes on Value: Benjamin Graham addressed the differences between investing and speculation on the very first page of his book The Intelligent Investor: “An investment operation is one which, upon thorough analysis, promises safety of principal...
- Roger Lowenstein Excerpt...
This seemed relevant given what's going on with oil. From Lowenstein's Introduction to Part I of Security Analysis: Sixth Edition: The competition for such values is fiercer in the United States, but they can be found, especially, again, when...
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Graham And Dodd On The ‘relation Of The Future To Investment And Speculation’
“It may be said, with some approximation to the truth, that investment is grounded on the past whereas speculation looks primarily to the future. But this statement is far from complete. Both investment and speculation must meet the test of the future;...
- Mcgraw-hill Professional To Publish 75th Anniversary Edition Of Graham And Dodd's Security Analysis
Benjamin Graham and David L. Dodd's Security Analysis, first published by McGraw-Hill nearly 75 years ago, forever changed the theory and practice of successful investing. Written in the midst of the Great Depression and in the wake of the 1929 stock...
Money and Finance
Graham and Dodd quote
Just as relevant today as it was in 1940:
“…it is important to note that mass speculation can flourish only in such an atmosphere of illogic and unreality. The self-deception of the mass speculator must, however, have its element of justification. This is usually some generalized statement, sound enough within its proper field, but twisted to fit the speculative mania. In real estate booms, the “reasoning” is usually based upon the inherent permanence and growth of land values. In the new-era bull market, the “rational” basis was the record of long-term improvement shown by diversified common-stock holdings.” –Ben Graham and David Dodd, Security Analysis
Today’s “element of justification” probably relates to what the Fed is doing and is perceived will do if the economy softens, and the majority’s belief in what that means for stock prices.
- Investing And Speculation...
From Brandes on Value: Benjamin Graham addressed the differences between investing and speculation on the very first page of his book The Intelligent Investor: “An investment operation is one which, upon thorough analysis, promises safety of principal...
- Roger Lowenstein Excerpt...
This seemed relevant given what's going on with oil. From Lowenstein's Introduction to Part I of Security Analysis: Sixth Edition: The competition for such values is fiercer in the United States, but they can be found, especially, again, when...
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Graham And Dodd On The ‘relation Of The Future To Investment And Speculation’
“It may be said, with some approximation to the truth, that investment is grounded on the past whereas speculation looks primarily to the future. But this statement is far from complete. Both investment and speculation must meet the test of the future;...
- Mcgraw-hill Professional To Publish 75th Anniversary Edition Of Graham And Dodd's Security Analysis
Benjamin Graham and David L. Dodd's Security Analysis, first published by McGraw-Hill nearly 75 years ago, forever changed the theory and practice of successful investing. Written in the midst of the Great Depression and in the wake of the 1929 stock...