The extent of the market’s shrinkage in 1969–70 should have served to dispel an illusion that had been gaining ground during the past two decades. This was that leading common stocks could be bought at any time and at any price, with the assurance not only of ultimate profit but also that any intervening loss would soon be recouped by a renewed advance of the market to new high levels. That was too good to be true. At long last the stock market has “returned to normal,” in the sense that both speculators and stock investors must again be prepared to experienceGraham, Benjamin; Jason Zweig. The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing (p. 21). HarperCollins. Kindle Edition. perhapsGraham, Benjamin; Jason Zweig. The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing (p. 21). HarperCollins. Kindle Edition.

 

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The extent of the market’s shrinkage in 1969–70 should have served to dispel an illusion that had been gaining ground during the past two decades. This was that leading common stocks could be bought at any time and at any price, with the assurance not only of ultimate profit but also that any intervening loss would soon be recouped by a renewed advance of the market to new high levels. That was too good to be true. At long last the stock market has “returned to normal,” in the sense that both speculators and stock investors must again be prepared to experience

Graham, Benjamin; Jason Zweig. The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing (p. 21). HarperCollins. Kindle Edition. perhaps

Graham, Benjamin; Jason Zweig. The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing (p. 21). HarperCollins. Kindle Edition.

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