--- title: "Meaning & Key Takeaway of: In the short-run, the market is a voting…" description: "\"In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stabili..." image: "https://sms4smile.com/quotes/i/7df/benjamin-graham-1531_computers_in-the-short-run-the-market-is-a-voting_2201495.jpg" --- # In the short-run, the market is a voting machine… ![“In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long- run, the market is a weighing machine.” quote by Benjamin Graham](https://sms4smile.com/quotes/i/7df/benjamin-graham-1531_computers_in-the-short-run-the-market-is-a-voting_2201495.jpg) [Download](https://sms4smile.com/quotes/i/7df/benjamin-graham-1531_computers_in-the-short-run-the-market-is-a-voting_2201495.jpg) [Open image](https://sms4smile.com/quotes/i/7df/benjamin-graham-1531_computers_in-the-short-run-the-market-is-a-voting_2201495.jpg) > “In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long- run, the market is a weighing machine.” [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. Short‑term markets reflect money power; long‑term markets reflect true value. **In simple terms:** Money drives short‑term votes, value drives long‑term weight. Key Takeaway Invest with a long‑term perspective. Themes finance valuation time horizon Mood analytical pragmatic Type financial educational When to use this quote - stock investing - portfolio planning - financial education Key Concepts economics behavioral finance Questions to Reflect On - How do you differentiate hype from value? - What metrics reveal true worth? A Different Perspective Short‑term volatility can mislead investors. ★ ★ ★ ★ ★ No ratings yet [Computers](https://sms4smile.com/quotes/about/computers/) [Emotional](https://sms4smile.com/quotes/about/emotional/) [Emotional stability](https://sms4smile.com/quotes/about/emotional-stability/) [Investing](https://sms4smile.com/quotes/about/investing/) [Long](https://sms4smile.com/quotes/about/long/) [Long runs](https://sms4smile.com/quotes/about/long-runs/) [Machines](https://sms4smile.com/quotes/about/machines/) [Market](https://sms4smile.com/quotes/about/market/) [Market Voting](https://sms4smile.com/quotes/about/market-voting-1327435/) [Market Weighing](https://sms4smile.com/quotes/about/market-weighing-4368810/) [Reflecting](https://sms4smile.com/quotes/about/reflecting/) [Reflecting Voter](https://sms4smile.com/quotes/about/reflecting-voter-4837053/) [Registration](https://sms4smile.com/quotes/about/registration/) [Running](https://sms4smile.com/quotes/about/running/) [Stability](https://sms4smile.com/quotes/about/stability/) [Tests](https://sms4smile.com/quotes/about/tests/) [Voter registration](https://sms4smile.com/quotes/about/voter-registration/) [Voters](https://sms4smile.com/quotes/about/voters/) [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 other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal…](https://sms4smile.com/quotes/benjamin-graham/in-other-words-the-market-is-not-a-weighing-machine-on-which-the/) [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/) > [“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/) > [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/) > [When I lived in California, 1984 to '87, it was a Republican state. Sacramento where I lived was 73% Democrat voter registration, when I…](https://sms4smile.com/quotes/rush-limbaugh/when-i-lived-in-california-1984-to-87-it-was-a-republican-state/) [Rush Limbaugh](https://sms4smile.com/quotes/author/rush-limbaugh/) > [I vividly remember the summer of 1964 with its voter registration drives, boiling racial tensions, and the erupting awareness of the cruelty of racism.…](https://sms4smile.com/quotes/sue-monk-kidd/i-vividly-remember-the-summer-of-1964-with-its-voter-registration/) [Sue Monk Kidd](https://sms4smile.com/quotes/author/sue-monk-kidd/) > [Jeb Bush is facing criticism after it was just revealed that he checked off his race as 'Hispanic' on a voter registration form back…](https://sms4smile.com/quotes/jimmy-fallon/jeb-bush-is-facing-criticism-after-it-was-just-revealed-that-he/) [Jimmy Fallon](https://sms4smile.com/quotes/author/jimmy-fallon/) > [To let the people know there was life beyond Shirley Dean, we decided to focus on voter registration; each day I set up my…](https://sms4smile.com/quotes/wavy-gravy/to-let-the-people-know-there-was-life-beyond-shirley-dean-we-decided/) [Wavy Gravy](https://sms4smile.com/quotes/author/wavy-gravy/) > [I go back to the parallels with 1963, 1964 when white America really became aware of the brutality of segregation, the cruelty of the…](https://sms4smile.com/quotes/cleve-jones/i-go-back-to-the-parallels-with-1963-1964-when-white-america-really/) [Cleve Jones](https://sms4smile.com/quotes/author/cleve-jones/) > [We rely on our voter registration studies to warn states that they are failing to comply with the requirements of the National Voter Registration…](https://sms4smile.com/quotes/tom-fitton/we-rely-on-our-voter-registration-studies-to-warn-states-that-they/) [Tom Fitton](https://sms4smile.com/quotes/author/tom-fitton/) > [Same day voter registration is just common sense and a proven way to increase voter participation.](https://sms4smile.com/quotes/dean-phillips/same-day-voter-registration-is-just-common-sense-and-a-proven-way-to/) [Dean Phillips](https://sms4smile.com/quotes/author/dean-phillips/) ## 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. 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