“To suppose that the value of a common stock is determined purely by a corporation's 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 defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.”
Quote by James Grant
Author
James Grant
James Grant, born in 1946, is an accomplished writer whose works span various literary genres, known for his profound insights and rich imagination. more
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“I have noticed that everyone who has ever tried to tell me that markets are efficient is poor.”
“A successful trader studies human nature and does the opposite of what the general public does.”
Source: How to Trade in Stocks: The Livermore Formula for Combining Time Element and Price
Source: General Theory Of Employment , Interest And Money