How to think about market prices?

"Be fearful when others are greedy. Be greedy when others are fearful." - By Warren Buffett

"In short run, market is a voting machine. In the long run, market is a weighing machine." By Benjamin Graham

"Look at market fluctuations as your friend rather than your enemy: profit from folly rather than participate in it." - By Warren Buffett

"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin of that of Cinderalla at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands." - By Warren Buffett

"Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing. He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Forth Law of Motion: For investors as a whole, returns decrease as motion increases." - By Warren Buffett

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well." - By Warren Buffett