"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 something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market."
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Source: Storage and Stability. Book by Benjamin Graham, Part IV, Chapter XIV, Farm Problems and Remedies, p. 172, 1937.
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