Benjamin Graham asks the reader to imagine that he is one of the two owners of a business, along with a partner called Mr. Market. The partner frequently offers to sell his share of the business or to buy the reader’s share. This partner is what today would be called manic-depressive, with his estimate of the business’s value going from very pessimistic to wildly optimistic. The reader is always free to decline the partner’s offer, since he will soon come back with an entirely different offer.
On 8 July 2015:
- The benchmark Shanghai Composite Index closed down 5.90 per cent, or 219.93 points, to 3,507.19.
- The Shenzhen Composite Index, which tracks China’s second exchange, dropped 2.50 per cent, or 48.38 points, to 1,884.45.
- Hong Kong equities plunged 5.84 per cent to their lowest close since early January.
Since peaking in early June at ......
