In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.
James GrantTo 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[C]apitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.
James GrantCentral banks have gotten out of the central banking business and into the central planning business, meaning that they are devoted to raising up-if they can-economic growth and employment through the dubious means of suppressing interest rates and printing money. The nice thing about gold is that you can't print it.
James Grant