Value Investing News

"The fact that both the favorable and unfavorable situations are part of any normal long-term picture (and as a consequence both should be accepted without undue excitement) is evidently not part of the stock market's philosophy. The latter seems to be grounded on the feeling that, since nothing is really permanemt, it is logical enough to treat the temporary as if it were going to be parmanent - even though we know it is not" (Ben Graham)

• http://www.ukvalueinvestor.com/2010/01/holding-periods.html (74)