The third line of thinking is a combination of the two: "In the short term, the market is a voting machine. In the long term, the market is a weighing machine".

The third line of thinking is a combination of the two: "In the short term, the market is a voting machine. In the long term, the market is a weighing machine". This is a popular quote from Benjamin Graham (https://en.wikipedia.org/wiki/Benjamin_Graham https://en.wikipedia.org/wiki/Benjamin_Graham), who taught Warren Buffett. It's basically the whole principle behind value investing.