During the 1990s, it appeared that no cost was too steep for equity investments, yet by 2003, we have encountered a scenario where no valuation seems sufficiently low. The pendulum, as Graham astutely observed, perpetually oscillates between the extremes of unfounded optimism and unwarranted gloom. In the year 2002, investors withdrew $27 billion from the stock market.
During the 1990s, it appeared that no cost was too steep for equity investments, yet by 2003, we have encountered a scenario where no valuation seems sufficiently low. The pendulum, as Graham astutely observed, perpetually oscillates between the extremes of unfounded optimism and unwarranted gloom. In the year 2002, investors withdrew $27 billion from the stock market.
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