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  • To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

    Benjamin Graham, Institute of Chartered Financial Analysts, Financial Analysts Research Foundation (1974). “The Renaissance of value: the proceedings of a seminar on the economy, interest rates, portfolio management, and bonds vs common stocks, September 18, 1974”