![]() – Benjamin Graham and David Dodd, Security Analysis, 1934 Hence the prices of common stocks are not carefully thought out computations, but the resultants of a welter of human reactions. Rather we should say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion. In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. The influence of what we call analytical factors over the market price is both partial and indirect – partial because it frequently competes with purely speculative factors which influence the price in the opposite direction and indirect, because it acts through the intermediary of people’s sentiments and decisions. President, Hussman Investment Trust November 2022
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