"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."
"For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold."
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Source: Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.8, Harper Collins
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