“The [stock] market in the short run is a voting machine, but in the long run it is a weighing machine.” So said Benjamin Graham (1894-1976), economist, professional investor and mentor of Warren Buffett. Hat-tip to Memex 1.1.
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Yes, there was a 7.1% drop in the ASX All Ordinaries yesterday, the 4th biggest one-day fall in our history. But before you throw yourself out of the window, let’s put that in context.
That’s a graph of the All Ordinaries for the last 20 years, thanks to Robert Merkel in Lavartus Prodeo. See that little wiggle at the far right-hand side? That’s yesterday. Short-term thinking is perilous.
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