"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 people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism."
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Source: Storage and Stability. Book by Benjamin Graham, Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234, 1937.
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