"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 qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently."
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Source: Benjamin Graham, David Le Fevre Dodd (1934). “Security Analysis: The Classic 1934 Edition”, McGraw Hill Professional
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