"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."
"I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities."
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Source: Storage and Stability. Book by Benjamin Graham, Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234, 1937.
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