"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."
"Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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