Stock Valuations
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.
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