Strange Lisp Quoting scenario - Graham's On Lisp, page 37

I'm working my way through Graham's book "On Lisp" and can't understand the following example at page 37:

If we define exclaim so that its return value
incorporates a quoted list,

(defun exclaim (expression)
  (append expression ’(oh my)))

>  (exclaim ’(lions and tigers and bears))
(LIONS AND TIGERS AND BEARS OH MY)
> (nconc * ’(goodness))
(LIONS AND TIGERS AND BEARS OH MY GOODNESS)

could alter the list within the function:

> (exclaim ’(fixnums and bignums and floats))
(FIXNUMS AND BIGNUMS AND FLOATS OH MY GOODNESS)

To make exclaim proof against such problems, it should be written:
(defun exclaim (expression)
  (append expression (list ’oh ’my)))

Does anyone understand what's going on here? This is seriously screwing with my mental model of what quoting does.