chapter 4
Sentiment – an extra dimension
‘Successful investment is a blend of standing your own ground and listening to the market’
‘One of your partners, named Mr Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and, furthermore, offers to buy you out or to sell you an additional interest on that basis. Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr Market lets his enthusiasm or his fears run away with him, and the value he proposes to you seems to you little short of silly’
Ben Graham
‘[My] central principle of investment is to go contrary to the general opinion, on the grounds that if everyone ...
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