"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 investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates."
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Source: Storage and Stability. Book by Benjamin Graham.Part III, Chapter X, The Status of Gold and Silver, p. 127, 1937.
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