Benjamin Graham: Brokers Invested

Meaning of Benjamin Graham Money Quote: saying brokers make more money when one speculates, while those who invest earn the money for themselves. Benjamin Graham said:
 

 

“People who invest make money for themselves; people who speculate make money for their brokers” — Benjamin Graham

In this quote, Benjamin Graham is drawing a distinction between “investing” and “speculating”. He suggests that when people “invest”, they are making money for themselves by choosing securities that are undervalued and have long-term potential.

However, when people “speculate”, they are often chasing short-term gains and betting on price movements in the market. According to Graham, speculative behaviors tend to make money “for their brokers” through increased trading activity and commissions rather than benefiting the individual investor themselves.

In essence, Graham is advocating for value-based investing focused on company fundamentals rather than speculative behaviors geared towards unpredictable price fluctuations, which he implies often end up benefiting brokers more through higher fees rather than the investor.

Birthday: May 9, 1894 – Death: September 21, 1976

Mark Twain: Speculation Stocks

Funny Money Quotes: There is no good time to speculate, AKA gamble, in the stock market – but investing has a different schedule and timeline. Mark Twain said:
 

 

“October: This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August and February” — Mark Twain

In this quote, Mark Twain is using sarcasm to comment on the speculative nature of stock market investing. By listing every month of the year as “peculiarly dangerous” for speculation, Twain is essentially saying that the stock market is unpredictable every month and that there is no truly safe time to gamble on its movements.

His humor highlights how even supposed experts cannot reliably time the market or foresee downturns. Overall, Twain appears to be satirizing the notion that the riskiness of the stock market fluctuates month to month, implying that speculation always carries inherent risks that cannot be easily hedged based on the calendar.

Birthday: November 30, 1835 – Death: April 21, 1910

Mark Twain: Affording Speculation

Funny Money Quotes – Speculation should be out of the question and should never be considered as an option, even if you think you can afford it. Mark Twain said:
 

 

“There are two times in a man’s life when he should not speculate: when he can’t afford it, and when he can” — Mark Twain

In this quote, Mark Twain is offering tongue-in-cheek advice about speculative investing and risk-taking. He suggests that one should avoid speculation both when they lack the financial means to do so as well as when they have ample wealth.

Twain seems to be implying that speculation is foolish regardless of one’s economic circumstances – both the poor and the rich have reasons they should not gamble their money.

Overall, through his characteristic wit, Twain appears to be cautioning against gambling and high-risk behavior related to one’s finances, as such actions are ill-advised whether one is in a position of lack or luxury.

Birthday: November 30, 1835 – Death: April 21, 1910