"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."
"Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed."
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Source: Storage and Stability. Book by Benjamin Graham, Part I, Chapter I, The Changing Role of Surplus Stocks, p. 17, 1937.
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