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Mr Market is a term coined by Benjamin Graham, one of the pioneers of value investing and author of the best books of value investing - Intelligent Investor.
Instead of thinking of the market as the masses out there -- just think of it as just a man or woman that suffers from bipolar. When bad news happen, Mr Market will be very depressed and offer you shares at a massive bargain price. When good news happen, Mr Market will offer you shares at a price much higher because he's happy.