It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
Benjamin Graham
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.
people thetimes time greed fear price common irrational hope give
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
quality thetimes time business
misfortune thetimes time
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