"Do those things as an analyst that you know you can do well , and only those things. If you can beat the market by charts, by astrology , or by some rare and valuable gift of your own , then that's the row you should hoe. If you're good at picking the stocks most likely to succeed in the next twelve months, base your work on the endeavor . If you can foretell the next important development in the economy , or in the technology , or in consumers' preferences, and gauge its consequences for various equity values, then concentrate on that particular activity . But in each case you must prove to yourself by honest , no-bluffing self -examination , and by continuous testing of performance, that you have what it takes to produce worth while results.
If you believe—as I have always believed—that the value approach is inherently sound, workable, and profitable, then devote yourself to that principle. Stick to it , and don't be led astray by Wall Street's fashions, its illusions, and its constant chase after the fast dollar . Let me emphasize that it does not take a genius or even a superior talent to be successful as a value analyst . What it needs is, first , reasonable good intelligence; second, sound principles of operation ; third, and most important , firmness of character.”
—Benjamin Graham, Common Sense Investing
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