In describing the irrationality of the market, Graham uses the metaphor of Mr. Market.
An investor is free to take advantage of Mr. Market, but on no account should the investor fall under his influence.
If someone is not certain that he can value his business far better than Mr. Market can, then he doesn't belong in the game.
As they say in poker, "If you have been in the game 30 minutes and you don't know who the patsy is, you are the patsy." (Buffett)
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An investor is free to take advantage of Mr. Market, but on no account should the investor fall under his influence.
If someone is not certain that he can value his business far better than Mr. Market can, then he doesn't belong in the game.
As they say in poker, "If you have been in the game 30 minutes and you don't know who the patsy is, you are the patsy." (Buffett)
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2015-12-22 15:34