"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 value of any investment is, and always must be, a function of the price you pay for it."
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Source: Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.13, Harper Collins
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