"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."
"It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market."
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Source: Storage and Stability. Book by Benjamin Graham. Part I, Chapter II, Government and Surplus Stocks, p. 28, 1937.
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