Posted inWealth

Behavior Quote

The speculative public is incorrigible. In financial terms, it cannot be cured, only managed - Benjamin Graham
At its core, Graham is saying that the investing crowd's tendency towards speculation, driven by emotion, not logic, is a permanent fixture. It's a force of nature you can't change, only navigate.
Posted inWealth

Discipline Quote

There is intelligent speculation as there is intelligent investing. But there are few who speculate intelligently - Benjamin Graham
Graham isn't condemning speculation outright. He's drawing a bright, clear line between the reckless gambler and the rare, calculated speculator who treats it like a serious business.