You know, the speculative public is incorrigible… it’s a truth that’s played out in every market cycle. It’s not about curing the greed and fear, but about managing your own response to it. That’s the real secret to surviving and thriving in the long run.
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Meaning
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.
Explanation
Look, I’ve seen this firsthand. The “speculative public” is that collective voice you hear on financial news, the frenzy around the latest meme stock, the euphoria in a bull market and the sheer panic in a crash. Graham’s genius was realizing you can’t *fix* this behavior. It’s wired into human psychology. Trying to cure it is like trying to stop the tide. So instead, the intelligent investor builds a system—a philosophy of value investing, margin of safety, discipline—to *manage* their exposure to this inevitable madness. It’s about building a fortress for your portfolio, not trying to reason with the mob outside the gates.
Quote Summary
| Context | Attributes |
|---|---|
| Original Language | English (3668) |
| Category | Wealth (107) |
| Topics | behavior (66), markets (4), speculation (3) |
| Literary Style | witty (99) |
| Emotion / Mood | cautious (33), critical (18), sarcastic (11) |
| Overall Quote Score | 72 (65) |
Origin & Factcheck
This quote comes straight from Benjamin Graham’s 1949 masterpiece, “The Intelligent Investor,” which was first published in the United States. It’s often, and correctly, cited as the foundational text of value investing.
Attribution Summary
| Context | Attributes |
|---|---|
| Author | Benjamin Graham (48) |
| Source Type | Book (4032) |
| Source/Book Name | The Intelligent Investor (48) |
| Origin Timeperiod | Modern (530) |
| 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 | The speculative public is incorrigible. In financial terms, it cannot be cured, only managed |
| 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 1, Approximate page 27 from 2006 edition |