"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."
"Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices."
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Source: Storage and Stability. Book by Benjamin Graham, Part II, Chapter VI, The Question of Price Stability, p. 85, 1937.
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