"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."
"An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.209, Prabhat Prakashan
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