"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 modern world is not geared properly to the storage of goods."
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Source: World Commodities and World Currencies. Book by Benjamin Graham. Chapter III, The Paradox of the Stockpile, p. 23, 1944.
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