"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."
"By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.207, Prabhat Prakashan
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