"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 function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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