A quote for the valuation purists -“To suppose that the value of...

A quote for the valuation purists -

“To suppose that the value of a stock is determined purely by a corporations earnings... discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that...

..people have burned witches, gone to war on a whim, risen to the defence of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed” - Jim Grant

Markets, like people, are often irrational.