Words to Remember
Hype Moves First, Value Follows Later 🧠
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
Buffett credits the line to Graham, but it does not appear in this form in Graham's own writing.
Why we ran it
All three indexes closed at records the same month consumer sentiment hit the lowest reading in the survey's history. The issue argued the vibe gap was real but not a sell signal. Graham's machine explains how both could be true at once: votes now, weight later.
From the May 29, 2026 issue: The Bad Vibes Bull Market →