"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 intelligent investor is likely to need considerable will power to keep from following the crowd."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.29, Prabhat Prakashan
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