"The intelligent investor is a realist who sells to optimists and buys from pessimists."
— Benjamin Graham
The Intelligent Investor Is A Realist
The intelligent investor is a realist who sells to optimists and buys from pessimists.
About this quote
From The Intelligent Investor (1949), Chapter 8, "The Investor and Market Fluctuations." Graham used this formulation to distinguish between speculating on short-term sentiment and investing based on long-term business fundamentals. His most famous student, Warren Buffett, called this passage "the best advice about investing ever written."
Source
The Intelligent Investor, Chapter 8 (1949)
