"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 requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart."
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Source: Benjamin Graham, David Dodd (2009). “Security Analysis, Sixth Edition, Part V - Analysis of The Income Account. The Earnings Factor in Common-Stock Valuation”, p.405, McGraw Hill Professional
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