"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks."
— Benjamin Graham
To Achieve Satisfactory Investment Results Is
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
About this quote
From the Introduction to The Intelligent Investor (1949). Graham distinguished between "defensive" and "enterprising" investment strategies, arguing that the passive approach — low-cost, diversified, disciplined — is achievable by almost anyone with patience, while beating the market consistently requires extraordinary skill and effort. This observation predates and anticipates the academic case for index investing.
Source
The Intelligent Investor, Introduction (1949)
