I think that the market collectively is in the process of invalidating one important idea. That is that stocks excel in the long term. That is the received truth of the era. It has been an exceptionally profitable truth, but by bidding up prices to previously unseen valuations, people will make this truth invalid. That is they'll make sure that stocks do not excel over the long run by mispricing them.
James Grant on Wall Street Week with Louis Rukeyser (7/4/97) "We're making a huge bet that the Internet is now about to finally take off and become the next mass-market commerce platform"
John Neilson, Vice President for Interactive Media at Microsoft in Barron's "Net Change" RR (7/7/97) "The distinction between past, present, and future is only an illusion, however persistent."
Albert Einstein, 1955
(opening quote from Michael Drosnin's controversial and extensively debated new book "The Bible Code")
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