"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."
"Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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