In the short run, the market is a voting machine, but in the long run it is a weighing machine.
Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.179, Prabhat Prakashan
![In the short run, the market is a voting machine, but in the long run it is a weighing machine.](http://cdn.myquotes.org/images/benjamin-graham/in-the-short-run-the-market-is-a-voting-machine-but-in-the-long-run-it-is-a-weighing-machine.jpg)
In the short run, the market is a voting machine, but in the long run it is a weighing machine.