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.»