Should we think of the stock market as a person? Benjamin Graham, author of The Intelligent Investor, perhaps the most influential book on investing ever written, thought so. He coined the phrase "Mr Market". And many of us follow his lead. We attribute emotional states ("the market's nervous") and beliefs ("the market expects interest rates to rise") to the stock market. This metaphor, though, is not the only one. It's more helpful sometimes to think of the market not as if it were an individual, but rather as the unintended outcome of interactions between individuals, so that prices do not necessarily reflect any individual's belief or emotion.
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