Charles H. Dow’s version of “Only when the tide goes out do you discover who's been swimming naked.”
"...while good and bad stocks rise and fall together with general conditions, and each stock has its own independent movement, and, as the outcome of a series of advances and declines, will invariably reach an approximation to its true value from the standpoint of an investor or permanent holder (Dow, Charles H. Wall Street Journal. Review and Outlook. May 26, 1900)."
Who was Charles H. Dow?
“Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser. Dow also founded The Wall Street Journal, which has become one of the most respected financial publications in the world. He also invented the Dow Jones Industrial Average as part of his research into market movements. He developed a series of principles for understanding and analyzing market behavior which later became known as Dow theory, the groundwork for technical analysis (source: Wikipedia.org).”