Degen's 12/14 Blog

[Degen]

first i'll say that i am honored that the two of you checked out my little blog

then i'll let Ben speak for me on this one:

"Let us ignore human nature at this point. Finance has a fascination for many bright young people with limited means. They would like to be both intelligent and enterprising in the placement of their savings, even though investment income is much less important to them than their salaries. This attitude is all to the good. There is a great advantage for the young capitalist to begin his financial education and experience early. If he is going to operate as an aggressive investor he is certain to make some mistakes and to take some losses. Youth can stand these dissapiontments and profit from them. We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgement on price versus values with the smallest possible sums

Then we return to the statement, made at the outset, that the kind of securities to be purchased and the rate of return to be sought depend not on the investor's financial resources but on his financial equipment in terms of knowledge, experience, and temperment."

-Benjamin Graham, The Intelligent Investor, pp 59-60