"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."
"Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments."
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Source: Storage and Stability. Book by Benjamin Graham, Part I, Chapter I, The Changing Role of Surplus Stocks, p. 4, 1937.
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