--- title: "Meaning & Key Takeaway of: In other words, the market is not a…" description: "\"In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance ..." image: "https://sms4smile.com/quotes/i/41b/benjamin-graham-1531_choices_in-other-words-the-market-is-not-a-weigh_2938420.jpg" --- # In other words, the market is not a weighing machine, on… ![“In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the…” quote by Benjamin Graham](https://sms4smile.com/quotes/i/41b/benjamin-graham-1531_choices_in-other-words-the-market-is-not-a-weigh_2938420.jpg) [Download](https://sms4smile.com/quotes/i/41b/benjamin-graham-1531_choices_in-other-words-the-market-is-not-a-weigh_2938420.jpg) [Open image](https://sms4smile.com/quotes/i/41b/benjamin-graham-1531_choices_in-other-words-the-market-is-not-a-weigh_2938420.jpg) > “In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.” [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The market reflects collective human judgments, mixing rational analysis with emotional bias, rather than a precise calculator of intrinsic value. **In simple terms:** Markets are driven by people’s choices, not just numbers. Key Takeaway Recognize both logic and feeling in investment decisions. Themes finance behavioral economics investment decision making Mood analytical cautious Type observational advisory When to use this quote - stock analysis - portfolio construction - risk assessment - financial planning Key Concepts rationality emotions collective behavior Questions to Reflect On - How do emotions influence your investment choices? - Can you identify when the market is voting rather than weighing? A Different Perspective Markets can be irrational, leading to mispricings despite rational analysis. ★ ★ ★ ★ ★ No ratings yet [Choices](https://sms4smile.com/quotes/about/choices/) [Computers](https://sms4smile.com/quotes/about/computers/) [Emotion](https://sms4smile.com/quotes/about/emotion/) [Individual](https://sms4smile.com/quotes/about/individual/) [Investing](https://sms4smile.com/quotes/about/investing/) [Issues](https://sms4smile.com/quotes/about/issues/) [Machines](https://sms4smile.com/quotes/about/machines/) [Market Voting](https://sms4smile.com/quotes/about/market-voting-1327435/) [Market Weighing](https://sms4smile.com/quotes/about/market-weighing-4368810/) [Mechanism](https://sms4smile.com/quotes/about/mechanism/) [Partly Reason](https://sms4smile.com/quotes/about/partly-reason-4368811/) [Products](https://sms4smile.com/quotes/about/products/) [Quality](https://sms4smile.com/quotes/about/quality/) [Reason](https://sms4smile.com/quotes/about/reason/) [Register](https://sms4smile.com/quotes/about/register/) [Should](https://sms4smile.com/quotes/about/should/) [Values](https://sms4smile.com/quotes/about/values/) [Voting](https://sms4smile.com/quotes/about/voting/) [Voting Machine](https://sms4smile.com/quotes/about/voting-machine-925030/) [Weighing](https://sms4smile.com/quotes/about/weighing/) ## Related quotes > [In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability -…](https://sms4smile.com/quotes/benjamin-graham/in-the-short-run-the-market-is-a-voting-machine-reflecting-a-voter/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [In the short run, the market is a voting machine, but in the long run it is a weighing machine.](https://sms4smile.com/quotes/benjamin-graham/in-the-short-run-the-market-is-a-voting-machine-but-in-the-long-run/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [“In the short term, the stock market is a voting machine. In the long run, it’s a weighing machine” that measures a company’s true…](https://sms4smile.com/quotes/brad-stone/in-the-short-term-the-stock-market-is-a-voting-machine-in-the-long/) [Brad Stone](https://sms4smile.com/quotes/author/brad-stone/) > [Anybody who trusts an electronic voting machine should have their head examined.](https://sms4smile.com/quotes/michael-ruppert/anybody-who-trusts-an-electronic-voting-machine-should-have-their/) [Michael Ruppert](https://sms4smile.com/quotes/author/michael-ruppert/) > [Our old - fashioned system is better than any new - fangled voting machine. Not only is it guaranteed to work, but there is…](https://sms4smile.com/quotes/jean-chretien/our-old-fashioned-system-is-better-than-any-new-fangled-voting/) [Jean Chretien](https://sms4smile.com/quotes/author/jean-chretien/) > [Beyond that, states had to also have electronic voting machines that made it possible for people who are physically handicapped to vote in private...…](https://sms4smile.com/quotes/deforest-soaries/beyond-that-states-had-to-also-have-electronic-voting-machines-that/) [DeForest Soaries](https://sms4smile.com/quotes/author/deforest-soaries/) > [It's the concept of having a computer voting machine that bothers me, more so than the specific poor implementation that we have from Diebold.](https://sms4smile.com/quotes/avi-rubin/it-s-the-concept-of-having-a-computer-voting-machine-that-bothers-me/) [Avi Rubin](https://sms4smile.com/quotes/author/avi-rubin/) > [“But a voting-machine that human ingenuity can not pervert, human ingenuity can not invent. That”](https://sms4smile.com/quotes/ambrose-bierce/but-a-voting-machine-that-human-ingenuity-can-not-pervert-human/) [Ambrose Bierce](https://sms4smile.com/quotes/author/ambrose-bierce/) > [I have discovered the secrets of the pyramids, and have found out how the Egyptians and the ancient builders in Peru, Yucatan and Asia,…](https://sms4smile.com/quotes/edward-leedskalnin/i-have-discovered-the-secrets-of-the-pyramids-and-have-found-out-how/) [Edward Leedskalnin](https://sms4smile.com/quotes/author/edward-leedskalnin/) > [You are mistaken, my friend, if you think that a man who is worth anything ought to spend his time weighing up the prospects…](https://sms4smile.com/quotes/plato/you-are-mistaken-my-friend-if-you-think-that-a-man-who-is-worth/) [Plato](https://sms4smile.com/quotes/author/plato/) > [There were things that had been weighing heavy on me for quite some time. And I went into this hole, trying to work through…](https://sms4smile.com/quotes/solange-knowles/there-were-things-that-had-been-weighing-heavy-on-me-for-quite-some/) [Solange Knowles](https://sms4smile.com/quotes/author/solange-knowles/) > [Sometimes feeling overwhelmed is part of what it means to be a Christian. You can't bear somebody else's burden unless you are taking something…](https://sms4smile.com/quotes/kevin-deyoung/sometimes-feeling-overwhelmed-is-part-of-what-it-means-to-be-a/) [Kevin DeYoung](https://sms4smile.com/quotes/author/kevin-deyoung/) > [I’ll be real discreet,” Tank said. As discreet as a six-foot-six, no-neck guy weighing three hundred and fifty pounds, all dressed in black SWAT…](https://sms4smile.com/quotes/janet-evanovich/i-ll-be-real-discreet-tank-said-as-discreet-as-a-six-foot-six-no-neck/) [Janet Evanovich](https://sms4smile.com/quotes/author/janet-evanovich/) > [You see your peers weighing 80 pounds and you think, 'Oh, my God, I've got to be 80 pounds or I'll fail.'](https://sms4smile.com/quotes/cathy-rigby/you-see-your-peers-weighing-80-pounds-and-you-think-oh-my-god-i-ve/) [Cathy Rigby](https://sms4smile.com/quotes/author/cathy-rigby/) > [Immediately upon entering the weighing-in zone, I sensed an oppressive tension in the air, the lightweights staring and glaring at each other, snarling like…](https://sms4smile.com/quotes/brad-alan-lewis/immediately-upon-entering-the-weighing-in-zone-i-sensed-an-oppressive/) [Brad Alan Lewis](https://sms4smile.com/quotes/author/brad-alan-lewis/) ## More by Benjamin Graham > [The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.](https://sms4smile.com/quotes/benjamin-graham/the-purpose-of-this-book-is-to-supply-in-the-form-suitable-for-laymen/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that…](https://sms4smile.com/quotes/benjamin-graham/there-is-something-paradoxical-in-the-fact-that-by-establishing-an/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.](https://sms4smile.com/quotes/benjamin-graham/those-with-the-enterprise-lack-the-money-and-those-with-the-money/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.](https://sms4smile.com/quotes/benjamin-graham/it-must-be-fundamentally-wrong-to-reduce-production-of-food-and-fiber/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [The intelligent investor is a realist who sells to optimists and buys from pessimists.](https://sms4smile.com/quotes/benjamin-graham/the-intelligent-investor-is-a-realist-who-sells-to-optimists-and-buys/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone…](https://sms4smile.com/quotes/benjamin-graham/intelligent-investment-is-more-a-matter-of-mental-approach-than-it-is/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use…](https://sms4smile.com/quotes/benjamin-graham/many-progressive-economists-insist-that-gold-is-now-in-essentially/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor…](https://sms4smile.com/quotes/benjamin-graham/the-art-of-investment-has-one-characteristic-that-is-not-generally/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to…](https://sms4smile.com/quotes/benjamin-graham/we-have-not-known-a-single-person-who-has-consistently-or-lastingly/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [The essence of investment management is the management of risks, not the management of returns.](https://sms4smile.com/quotes/benjamin-graham/the-essence-of-investment-management-is-the-management-of-risks-not/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Wall Street people learn nothing and forget everything.](https://sms4smile.com/quotes/benjamin-graham/wall-street-people-learn-nothing-and-forget-everything/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or…](https://sms4smile.com/quotes/benjamin-graham/in-security-analysis-the-prime-stress-is-laid-upon-protection-against/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.](https://sms4smile.com/quotes/benjamin-graham/never-buy-a-stock-immediately-after-a-substantial-rise-or-sell-one/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good…](https://sms4smile.com/quotes/benjamin-graham/observation-over-many-years-has-taught-us-that-the-chief-losses-to/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on…](https://sms4smile.com/quotes/benjamin-graham/no-matter-how-careful-you-are-the-one-risk-no-investor-can-ever/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) [Explore all 229 Benjamin Graham quotes ](https://sms4smile.com/quotes/author/benjamin-graham/) ## More Choices quotes > [Of all the people who have affected my life and influenced the choices I've made, none has been more important than my father. I…](https://sms4smile.com/quotes/teddy-atlas/of-all-the-people-who-have-affected-my-life-and-influenced-the/) [Teddy Atlas](https://sms4smile.com/quotes/author/teddy-atlas/) > [“Don’t allow anyone to pressure you into taking a job in a field that doesn’t feel right in your gut. You are the one…](https://sms4smile.com/quotes/alison-james/don-t-allow-anyone-to-pressure-you-into-taking-a-job-in-a-field-that/) [Alison James](https://sms4smile.com/quotes/author/alison-james/) > [When you have a choice, choose happy!](https://sms4smile.com/quotes/pancho-barnes/when-you-have-a-choice-choose-happy/) [Pancho Barnes](https://sms4smile.com/quotes/author/pancho-barnes/) > [By making conscious choices in our behavior and where we focus our attention, we can transform our experience of our body, decrease our biological…](https://sms4smile.com/quotes/deepak-chopra/by-making-conscious-choices-in-our-behavior-and-where-we-focus-our/) [Deepak Chopra](https://sms4smile.com/quotes/author/deepak-chopra/) > [Movies have power. Power to impact society and the choices we make. I want to entertain, but I also want to say something to…](https://sms4smile.com/quotes/gina-prince-bythewood/movies-have-power-power-to-impact-society-and-the-choices-we-make-i/) [Gina Prince-Bythewood](https://sms4smile.com/quotes/author/gina-prince-bythewood/) > [If you have a different mindset, you will have a different outcome: if you make different choices from your peers, your life will then…](https://sms4smile.com/quotes/jack-ma/if-you-have-a-different-mindset-you-will-have-a-different-outcome-if/) [Jack Ma](https://sms4smile.com/quotes/author/jack-ma/) > [Personally, I prefer contemporary films, but the market calls for more period choices, especially since China opened up a cinema market in Hong Kong.…](https://sms4smile.com/quotes/donnie-yen/personally-i-prefer-contemporary-films-but-the-market-calls-for-more/) [Donnie Yen](https://sms4smile.com/quotes/author/donnie-yen/) > [Clarissa," he said, "here with the vampire, I see. When things have settled a bit, we really must discuss you choice in pets..](https://sms4smile.com/quotes/cassandra-clare/clarissa-he-said-here-with-the-vampire-i-see-when-things-have-settled/) [Cassandra Clare](https://sms4smile.com/quotes/author/cassandra-clare/) > [Change is inevitable but personal growth is a choice.](https://sms4smile.com/quotes/bob-proctor/change-is-inevitable-but-personal-growth-is-a-choice/) [Bob Proctor](https://sms4smile.com/quotes/author/bob-proctor/) > [Time hath not yet so dried this blood of mine, Nor age so eat up my invention, Nor fortune made such havoc of my…](https://sms4smile.com/quotes/william-shakespeare/time-hath-not-yet-so-dried-this-blood-of-mine-nor-age-so-eat-up-my/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [If you choose to draw from the inner well of free will, then you can make choices that are outside your current karmic patterns.](https://sms4smile.com/quotes/frederick-lenz/if-you-choose-to-draw-from-the-inner-well-of-free-will-then-you-can/) [Frederick Lenz](https://sms4smile.com/quotes/author/frederick-lenz/) > [Act always so as to increase the number of choices](https://sms4smile.com/quotes/heinz-von-foerster/act-always-so-as-to-increase-the-number-of-choices/) [Heinz von Foerster](https://sms4smile.com/quotes/author/heinz-von-foerster/) > [Give me a platter of choice finnan haddie, freshly cooked in its bath of water and milk, add melted butter, a slice or two…](https://sms4smile.com/quotes/craig-claiborne/give-me-a-platter-of-choice-finnan-haddie-freshly-cooked-in-its-bath/) [Craig Claiborne](https://sms4smile.com/quotes/author/craig-claiborne/) > [I don't know that any woman could ever not think about that at some point - even making the choice not to do it…](https://sms4smile.com/quotes/naomi-watts/i-don-t-know-that-any-woman-could-ever-not-think-about-that-at-some/) [Naomi Watts](https://sms4smile.com/quotes/author/naomi-watts/) > [In this choice of inheritance we have given to our frame of polity the image of a relation in blood; binding up the constitution…](https://sms4smile.com/quotes/edmund-burke/in-this-choice-of-inheritance-we-have-given-to-our-frame-of-polity/) [Edmund Burke](https://sms4smile.com/quotes/author/edmund-burke/) [Browse all 11,466 Choices quotes ](https://sms4smile.com/quotes/about/choices/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. 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