In Pursuit of the Perfect Portfolio Quotes

“It's been over three centuries since English philosopher John Locke coined the phrase "the pursuit of happiness" and almost two and a half centuries since Thomas Jefferson incorporated that phrase into the Declaration of Independence. Locke noted that the pursuit of happiness is the foundation of liberty. In similar way, the pursuit of the Perfect Portfolio is the foundation of financial liberty - the freedom to reach your financial goals and all the happiness it may bring.”
― Andrew W. Lo, In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest

“The dividend discount model suggests that in an efficient market, the current price of a stock should equal the present value of all expected future dividends, assuming for the sake of simplicity that the investor has no intention of selling the stock. (The present value is sometimes called the discounted value, since the present value of an item is discounted from its value in the future.)”
― Andrew W. Lo, In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest