Showing posts with label Courage. Show all posts
Showing posts with label Courage. Show all posts

Sunday 16 February 2014

Courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.


A fourth business rule is more positive: “Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it— even though others may hesitate or differ.” (You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.) Similarly, in the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Fortunately for the typical investor, it is by no means necessary for his success that he bring these qualities to bear upon his pro- gram—provided he limits his ambition to his capacity and confines his activities within the safe and narrow path of standard, defen- sive investment. To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks. 


Benjamin Graham
The Intelligent Investor