"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 world has not learned the technique of balanced expansion without the resultant commercial and financial congestion."
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Source: World Commodities and World Currencies. Book by Benjamin Graham. Chapter I, The Problem of Raw Materials, p. 5, 1944.
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