“The cheaper the stock, the better the outlook for future returns.”
Robert Haugen (1942–2013) American economist
Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 4, Payoffs to the Five families, p. 50
“Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time.”
Source: The Four Pillars of Investing (2002), Chapter 2, Measuring The Beast, p. 68.
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William J. Bernstein29
economist 1948Related quotes
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Eugene Fama (1939) American economist and Nobel laureate in Economics
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William J. Bernstein (1948) economist
Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 37.
“It is impossible to add the stock of money to the flow of saving.”
Joan Robinson (1903–1983) English economist
Source: Contributions to Modern Economics (1978), Chapter 4, The Concept of Hoarding, p. 32