"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."
"there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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