"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 only thing you should do with pro forma earnings is ignore them."
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Source: Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.93, Prabhat Prakashan
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