“Firms that have a high BE/ME (a low stock price relative to book value) tend to have low earnings on assets. Conversely, low BE/ME (a high stock price relative to book value) is associated with persistently high earnings.”

Source: Common risk factors in the returns on stocks and bonds, 1993, p. 8

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Eugene Fama6

American economist and Nobel laureate in Economics 1939

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“When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.”

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William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 12.

“If you set a high value on liberty, you must set a low value on everything else.”

Seneca the Younger book Epistulae morales ad Lucilium

Epistulae Morales ad Lucilium (Moral Letters to Lucilius), Letter CIV: On Care of Health and Peace of Mind

“It is safer to try to understand the low in the light of the high than the high in the light of the low.”

Leo Strauss (1899–1973) Classical philosophy specialist and father of neoconservativism

Source: Liberalism Ancient and Modern (1968), p. 225
Context: It is safer to try to understand the low in the light of the high than the high in the light of the low. In doing the latter one necessarily distorts the high, whereas in doing the former one does not deprive the low of the freedom to reveal itself as fully as what it is.