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… — James Grant Copy Share Image
“Though the continued march of intellect and education have nearly obliterated from the mind of the Scots a belief in the marvelous, still a… — James Grant Copy Share
It is an axiom nowadays that no bank fails for lack of capital; unprofitable lending is always the underlying cause. — James Grant Copy Share
The 1980s are to debt what the 1960s were to sex. The 1960s left a hangover. So will the 1980s. — James Grant Copy Share
It's about bums on seats. If nobody wants to listen to what you are doing, it kind of defeats the purpose really, doesn't it? — James Grant Copy Share
The art of banking is always to balance the risk of a run with the reward of a profit. The tantalizing factor in the… — James Grant Copy Share
In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices. — James Grant Copy Share
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… — James Grant Copy Share
Growth at an exceptional rate is a red flag in banking. It is hard enough to manage an ordinary bank; to control a sprouting… — James Grant Copy Share
I believe that there is an important kernel of truth in the idea that financial errors recur every other generation. — James Grant Copy Share
To me the gold price takes the form of a very uncomplicated formula, and all you have to do is divide one by 'n.'… — James Grant Copy Share
