• Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

  Source: The Intelligent Investor Ch. 20, Margin of Safety: The Central Concept, p.

  Benjamin Graham
  British-born American economist, professor and investor
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Subjects in these quotes:

1. observation
2. low-quality
3. securities
4. conditions
5. business

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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. by : Benjamin Graham

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