"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."
"you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing"
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Source: Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”
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