The market offers smart investors an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.
Regardless of all the apparatus and all the improvements in techniques, people still want to make money very fast. They still want to be on the right side of the market.
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.
It is absurd to think that the general public can ever make money out of market forecasts.
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