Along with his Company A and Company B teaching method, Graham used to talk about Class 1 and Class 2 truths. Class 1 truths were absolutes. Class 2 truths became truths by conviction. If enough people thought a companys stock was worth X, it became worth X until enough people thought otherwise. Yet that did not affect the stocks intrinsic valuewhich was a Class 1 truth.

The Snowball by Alice Schroeder