Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
Meaning
Graham wrote this in the 1973 revised edition of The Intelligent Investor, after decades watching booms and crashes repeat. Sound rules are simple but hard to follow when everyone is euphoric or afraid. Write your own investing rules down now, while calm, and reread them before acting in a panic.
Source: The Intelligent Investor, 4th revised edition (1973)
About the author
Benjamin Graham (1894-1976) was a British-born American economist and investor, widely known as the father of value investing. He wrote The Intelligent Investor and Security Analysis, and taught Warren Buffett.
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