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[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.

— Benjamin Graham Disputed

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Notes from Wikiquote

The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference.

More quotes by Benjamin Graham

The State can always afford to finance what its citizens can soundly produce.

Storage and Stability (1937)

Investment is most intelligent when it is most businesslike.

The Intelligent Investor (1973)

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The Intelligent Investor (1973)

It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.

World Commodities and World Currencies (1944)

Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

The Intelligent Investor (1973)

All Benjamin Graham quotes →

Attribution

Quote text and notes from Wikiquote: Benjamin Graham (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.