"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."
"We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for."
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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