Frases de Benjamin Graham

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Benjamin Graham

Data de nascimento: 8. Maio 1894
Data de falecimento: 21. Setembro 1976
Outros nomes: 班傑明·葛拉漢, बेंजामिन ग्राहम

Benjamin Graham foi um influente economista americano.

Graham é considerado o precursor da estratégia buy and hold de investimentos em ações, adotada por seu seguidor bilionário Warren Buffett.

O foco desta estratégia é comprar ações de empresas sólidas e com ótimas perspectivas de geração de caixa e mantê-las no portfólio de investimentos por um longo período, objetivando, desta forma, a maximização dos lucros, eliminando custos excessivos de transações e imposto de renda. Por isso o nome buy and hold, ou seja, "compre e segure" .

Os discípulos conhecidos de Graham incluem Jean-Marie Eveillard, Warren Buffett, William J. Ruane, Irving Kahn, Walter J. Schloss, entre outros.

Citações Benjamin Graham

„It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.“

—  Benjamin Graham
World Commodities and World Currencies (1944), Context: We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities. Chapter X, Commodity Unit Stabilization, p. 114

„The State can always afford to finance what its citizens can soundly produce.“

—  Benjamin Graham
Storage and Stability (1937), Part I, Chapter III, The Problem of Conserving Surplus, p. 43 (italics as per text)

„The intelligent investor is a realist who sells to optimists and buys from pessimists.“

—  Benjamin Graham, livro The Intelligent Investor
The Intelligent Investor: The Classic Text on Value Investing (1949), Context: Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness. Chapter II, The Investor and Stock-Market Fluctuations, p. 31

„[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.“

—  Benjamin Graham
Disputed, Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference.

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„The modern world is not geared properly to the storage of goods.“

—  Benjamin Graham
World Commodities and World Currencies (1944), Chapter III, The Paradox of the Stockpile, p. 23

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