"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."
"Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.209, Prabhat Prakashan
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