Benjamin Graham, often considered the father of value investing, was a prominent economist and investor known for his pragmatic and disciplined approach to investing. The quote you mentioned reflects his philosophy on measuring success in investing.
Graham's point is that the primary goal of investing should not necessarily be to outperform the market consistently. Instead, success in investing should be measured by two other key factors:
Graham's point is that the true measure of success in investing isn't just about beating the market's returns on a short-term basis. Instead, it's about whether you have a well-defined plan and the discipline to stick to it over the long term. By focusing on these aspects, you are more likely to achieve your financial objectives and secure your financial future, which, in the end, is the ultimate goal of investing, according to Graham's philosophy. This perspective encourages a patient and rational approach to investing, which can lead to more sustainable and predictable outcomes.