‘In the short run, the market is a voting machine; but in the long run, it is a weighing machine.’ I don’t usually quote billionaire investors to begin sermons, but Warren Buffett said this, and they call him the ‘Oracle of Omaha’ for a reason. His inciteful words capture something deep about human behavior and how markets work. Buffett is saying that in the short term, the price of a stock or anything of value is easily manipulated by group think and emotions. In the short term, the market is a voting machine, a popularity contest. But in the long-term, a stock’s price is tied to its fundamentals, its real value. Over time, the market is a weighing machine; which company is truly worth their weight, and which isn’t?
![Sermons Fr. Hovnan Demerjian St. Hagop Armenian Church](https://www.sthagopfl.org/wp-content/uploads/2021/09/fhd-framestack-450x450.gif)
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