"Fundamental Quotable Quotes"

On Fundamentals

"In the short term, the market is a 'voting' machine whereon countless individuals register choices that are product partly of reason and partly of emotion. However, in the long-term, the market is a 'weighing' machine on which the value of each issue (business) is recorded by an exact and impersonal mechanism."

Benjamin Graham

"I avoid fads like the plague."

Philip Corret

"The capital was following earning improvement as a dog follows a scent. This discovery opened my eyes to a completely new perspective."

Nicolas Darvas

"To successfully pick the winners from the stock market, you have to observe and learn the characteristics of the previous major success winners."

option-income.com

"The first dimension of a conservative investment: Superiority in Production, Marketing, Research and Financial Skills."

Philip A. Fisher
Chapter Title of
Common Stocks and Uncommon Profits

On When to Sell

"Winners should be held until the fundamentals which make them winners begin to weaken or until the price runs too far ahead of the earnings, which causes a decline in value. If the growth of earnings does not keep pace with the advancing, the stock could easily turn into a loser.

Michael D. Sheimo

On Market Fluctuations

"Since common stocks, even if investment grade, are subject to recurrent and wide fluctuations in their prices, the intelligent investor should be interested in the possibilities of profiting from these pendulum swings. There are two possibilities of profiting from these pendulum swings: The way of timing and the way of pricing. By timing we mean the endeavor to anticipate the action of the stock market - to buy and hold when the future course is deemed to be upward, to sell or refrain from buying when the course is downward. By pricing we mean the endeavor to buy stocks when they are quoted below their fair value and to sell them when they rise above such."

Benjamin Graham

"And since business will have its flood and ebbs, and the spirit of enterprise and production must be checked for a time, the more promptly the approaching crisis can be seen and provided against, as far as practicable, the less the community will suffer."

William Phillips

On Estimating the Value of an Asset

"It is manifest, however, that future changes are largely unpredictable, and that security analysis must ordinarily proceed on the assumption that the past record affords a rough guide to the future. The more questionable this assumption, the less valuable is the analysis. Hence, this technique is more useful when applied to senior securities (which are protected against change) than to common stocks; more useful when applied to a business of inherently stable character than to one that subject to wide variations; and, finally, more useful when carried on under fairly normal general conditions than in times of great uncertainty and radical change."

Book: Security Analysis
The Classic 1934 Edition
Benjamin Graham/David Dodd

On Balance Sheets and Financial Ratios

"I do like very good balance sheets. I get floods of annual reports. I look at them all, at least briefly. If I see that the equity ratio is low, or the current ratio is low, I don't go any further. I want no term debt, and a better than two-to-one current ratio."

Philip Corret

Wonderful Businesses - from Warren Buffett's Perspective

Trading Quotable Quotes Main Page - On Risk and Risk Management

TQQ Part 2 - On Being Patient / Mr Market and Respecting the Market / Market Timing / Trading the News

TQQ Part 3 - On Stock Selection / Success Rate of Trades vs Making Money / Entries & Exits

TQQ Part 4 - On Setting Stop Losses and Preserving Capital / Outcome of Trades / Technical Analysis / Trader's Mindset & Investment Psychology / Contrary Trading

TQQ Part 5 - On Trend Following / Going With The Flow / Letting Winners Run / Averaging Up / Discipline / Recovery

TQQ Part 6 - General Topics related to Trading

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