We know in retrospect that stock prices tend to overreact and valuations revert to the mean. But it's never possible to know in advance when the reversion will occur. Even bubbles are only clear in retrospect.
Burton G. Malkiel in Where Logic Ends And Speculation Begins ($$) from the Wall Street Journal (4/4/00)If you've got Nasdaq stock, it's like having confederate money.
Robin Williams on the Today Show (Source: Business Week (4/17/00))
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