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URL:  http://boards.fool.com/to-suppose-that-the-value-of-a-common-stock-is-17572949.aspx

Subject:  Re: i can Date:  7/25/2002  9:13 AM
Author:  jazbo Number:  19389 of 44599

To suppose that the value of a common stock is determined by a corporation's earnings discounted by the relevant interest rate 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
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