A Random Walk Down Wall Street

Investors were advised to “discount” the value of moneys received later.

ample, in his book The Great Myths of 1929

“I repeat what I said at this time last year and the year before, that sooner or later a crash is coming.”

firm-foundation theory

David Dodd’s Security Analysis,

Investing requires work, make no mistake about it.

getting ripped off

getting ripped off

The moral to the story is obvious. With large numbers of technicians predicting the market, there will always be some who have called the last turn or even the last few turns, but none will be consistently accurate. To paraphrase the biblical warning, “He who looks back at the predictions of market gurus dies of remorse.”

the intrinsic value of a stock was equal to the present (or discounted) value of all its future dividends. Investors were advised to “discount” the value of moneys received later.