"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."
"In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.144, Prabhat Prakashan
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