In the Short-Run, the Market Is a Voting Machine, But in the Long-Run, the Market Is a Weighing Machine

Benjamin Graham? Warren Buffett? Ronald A. McEachern? Ben Bidwell? John C. Bogle? Apocryphal? Dear Quote Investigator: A brilliant metaphorical framework for understanding the stock market can be summarized with the following cogent remark: In the short-run, the stock market is a voting machine. Yet, in the long-run, it is a weighing machine. Each purchase and …