"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."
"Whether we like it or not, government intervention in the face of surplus is here to stay."
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Source: Storage and Stability. Book by Benjamin Graham. Part I, Chapter II, Government and Surplus Stocks, p. 26, 1937.
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