"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 should recognize that market panics can create great prices for good companies and good prices for great companies."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.182, Prabhat Prakashan
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