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Morgan Housel

“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.”

Morgan Housel, Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life
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Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life by Morgan Housel
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