"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."
"Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices."
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Source: World Commodities and World Currencies. Book by Benjamin Graham. Chapter II, The Issue of Cartels, p. 21, 1944.
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