"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 money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation."
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Source: Storage and Stability. Book by Benjamin Graham. Part II, Chapter IX, The Cost of the Reservoir Plan, p. 114, 1937.
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