"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."
"The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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