"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."
"Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues."
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Source: Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.31, Harper Collins
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