You know, that Benjamin Graham quote about investing only if you’d be comfortable owning a stock without knowing its price… it’s the ultimate litmus test. It forces you to focus on the business itself, not the ticker tape. That’s the real secret to avoiding emotional, reactive decisions.
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Meaning
At its heart, this quote is about divorcing the idea of “investing” from the daily drama of “speculating.” It’s a call to focus on intrinsic business value.
Explanation
Look, here’s how I’ve come to see it after years in the market. The price is just noise—it’s what the crowd, driven by fear and greed, is shouting on any given day. But the *business*… the business is the signal. Are you buying a piece of a company that generates real cash flow, has a durable competitive advantage, and is run by competent people? If you had no ticker symbol to check, would you still feel good about being a part-owner of that enterprise? That’s the question. It forces a level of due diligence that most people skip. They see a chart going up and they jump. Graham is telling us to be the person who sees a great company and then waits for a good price.
Quote Summary
| Context | Attributes |
|---|---|
| Original Language | English (3668) |
| Category | Wealth (107) |
| Topics | conviction (3), ownership (20), value (44) |
| Literary Style | direct (414), philosophical (434) |
| Emotion / Mood | confident (39), reflective (382) |
| Overall Quote Score | 81 (258) |
Origin & Factcheck
This wisdom comes straight from the 1973 revised edition of “The Intelligent Investor,” which Graham wrote in the United States. It’s often, and rightly, considered the foundation of value investing. While Warren Buffett, his most famous student, has popularized this mindset, the quote itself is pure, unadulterated Graham.
Attribution Summary
| Context | Attributes |
|---|---|
| Author | Benjamin Graham (48) |
| Source Type | Book (4032) |
| Source/Book Name | The Intelligent Investor (48) |
| Origin Timeperiod | Modern (527) |
| Original Language | English (3668) |
| Authenticity | Verified (4032) |
Author Bio
Benjamin Graham, well known for investing community has brought investing to masses by focussing on analysis and risk control. After graduating from Columbia University, co-founded the Graham Newman Corporation. Benjamin Graham book list covers Security Analysis and The Intelligent Investor which shaped many generations of professionals. He is regarded as a mentor to Warren Buffett as his ideas form the basis of value investing.
Where is this quotation located?
| Quotation | Invest only if you would be comfortable owning a stock even if you had no way of knowing its price |
| Book Details | Publication Year/Date: 1949; ISBN/Unique Identifier: 978-0060555665; Last edition: Revised Edition by Jason Zweig (2006), 640 pages. |
| Where is it? | Chapter 8, Approximate page 195 from 2006 edition |