stock market is a voting machine

来源: pega 于 2026-02-16 13:37:35 [] [博客] [旧帖] [给我悄悄话] 阅读数 : (1002 bytes)

This famous quote from Benjamin Graham means that in the short term, stock prices are driven by popularity, emotion, and sentiment—a "vote" on what is currently liked or feared. These votes create temporary fluctuations, often separating price from true value. In the long term, the market becomes a "weighing machine," where prices reflect fundamental business value like earnings and cash flow.

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