"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."
"As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him."
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Source: Benjamin Graham, David Dodd (2008). “Security Analysis: Sixth Edition, Foreword by Warren Buffett”, p.701, McGraw Hill Professional
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