Benjamin Graham, Warren Buffett’s mentor, identified investors themselves as their worst market enemies, attributing disaster to Wall Street’s enthusiasm. He emphasized that temperament, not just knowledge, is key to investment success, advocating for a strong-minded approach based on the margin-of-safety principle. Graham also distinguished between speculation and investment, advising a separate, smaller fund for speculative ventures.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets