I think Graham sums it up best in his comment, "In the short run the market is a voting machine, but in the long run it is a weighing machine".
If your investment time horizon is say 3-5+ years (like mine is), I can't understand the level of importance placed on short term pricing fluctuations, with the exception of where it's either beyond reasonable to invest, or is so massively mispriced you're given a great opportunity to invest.
Ann: Appendix 2A, page-14
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