Old 09-13-2018, 04:05 PM   #1
Fred O'Malley
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Default The Belief in Markets, the Truth

“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.”
James Grant
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"When citizens don't trust government or their money, really bad things happen." Kunsler
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