"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 should be remembered that a decline of 50% fully offsets a preceding advance of 100%."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.32, Prabhat Prakashan
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