"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 most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age"."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.72, Prabhat Prakashan
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