"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."
"Investing is most intelligent when it is most businesslike."
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Source: Benjamin Graham, David Dodd (2008). “Security Analysis: Sixth Edition, Foreword by Warren Buffett”, p.35, McGraw Hill Professional
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