"Nothingis so ungrateful as a rising generation; yet, if there is any faintest glimmer of light ahead of us in the present, itwas kindled by the intellectual fires that burned long before us."

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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.

— James Grant