[C]apitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.
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 GrantIn almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.
James Grant