and also said, equally flatly, [Earlier mistranscription corrected]In other words, the market is not a weighing machine, in which the value of each issue is registered by an exact and impersonal mechanism, in accordance with its specific qualities. Rather we should say that the market is a voting machine, whereon countless individuals register choices which are partly the product of reason and partly the product of emotion.
In both cases, that's the end of it. He does not go on to say anything else about the "long run" being different.The stock market is a voting machine rather than a weighing machine. It responds to factual data not directly, but only as they affect the decisions of buyers and sellers.
That's from what's supposed to be a facsimile reprint of the first edition.
So, does anyone know: did Graham actually say somewhere else that in the long run the market is a weighing machine? Did he add that later? Anyone have a source?
Or did he actually say it is not a weighing machine, it's a voting machine... period?