"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 stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason."
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Source: Benjamin Graham, New York Institute of Finance (1947). “Current problems in security analysis”
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