Benjamin Graham：Mr. Market
Benjamin Graham《The Intelligent Investor》· Chapter 8, The Investor and Market Fluctuations · Investing · Human nature · Decision
If you are a prudent investor or a sensible businessman, will you let Mr. Market’s daily communication determine your view of the value of a $1,000 interest in the enterprise?
Source：
https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Locator：Chapter 8, p. 205, paragraph beginning “If you are a prudent investor or a sensible businessman” · Verified：2026-10-19 · Verification：Exact match
Reading
The market's daily quote should not determine your view of value.
Context
Mr. Market is Graham's most famous parable: you have a moody business partner who quotes a price every day, sometimes euphoric and sometimes despondent. You may accept his offer or ignore it. The market's quote is a service, not a command; the investor must keep independent judgment.
Today's question
If Mr. Market quoted a crazy price today, would you treat it as a command or as an option?
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