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
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
