"Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed."
"A speculator gambles that a stock will go up in price because somebody else will pay even more for it."
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Source: Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.36, Harper Collins
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