"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 quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions."
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Source: Benjamin Graham (1996). “Benjamin Graham, the Memoirs of the Dean of Wall Street”, McGraw-Hill Companies
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