“[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html
The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840
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Benjamin Graham 64
American investor 1894–1976

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