The analyst must seek to guard himself against this danger as best he can:
in part, by dealing with those situations preferably which are not subject to sudden
change;
in part, by favoring securities
in which the popular interest is keen enough to promise a fairly swift response to value elements which he is the first to
recognize;
in part, by tempering his activities to the general financial situation — laying more emphasis on the discovery of undervalued securities when business and
market conditions are on a fairly even keel, and proceeding with greater caution
in times of abnormal stress and uncertainty.»