"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."
"In general, markets know more than the people who write about them."
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Source: A plague on the Wall Street casinos by Diane Francis, www.huffingtonpost.com. October 17, 2008.
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