Stock Valuation
Theorists may claim that “stocks are too high” or “too low” based on their individual and varying ideas of what people should pay for a given situation at a given time. But the real price of stocks is based on the majority appraisal of the moment.
–Gerald M. Loeb, from The Battle for Investment Survival (1996 John Wiley & Sons, New York), originally published in 1935.