- unless it is either very substantial - say, more than a third from cost - or
- unless it reflects a known deterioration of consequence in the company's position.
The Price can be Extraordinary in a Recession or Bear Market
- The reasons were justified in some.
- Yet, in some, the reasons were exaggerated and eventually groundless fear;
- while others were typical of temporary influences.
- We cannot assert that the decline to 36 was of no importance to the investor.
- The investor would have been well advised to scrutinise the picture with some care, to see whether he had made any miscalculations.
- entitled to disregard the market decline as a temporary vagary of finance, and,
- unless he had the funds and the courage to take advantage of it by buying more on the bargain basis offered.