Where did this quote originate: “In the short run, the market is a voting machine, but in the long run, it is a weighing machine”?
I has seen often that allegedly Warren Buffett said it and that he was quoting Benjamin Graham, but I can't find the source of the quote for Ben Graham anywhere.
The closest I have found is in Ben Graham's book, Security Analysis, where he says almost the opposite (p537 in my copy):
“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.”
In other words, in that book he says that the stock market is always a voting machine and never a weighing machine.
Did he change his mind? Can anyone point me to where he said the the more popular version of the quote?
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