2 November 1959
Letters to Shareholders (1957 - 2012)
Context: I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the Inevitability of profits from investments in stocks will lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued securities can be expected to be substantially affected.
“I would have devoted my whole efforts to securing the waterway to India – by the acquisition of Egypt or of Crete, and would in no way have discouraged the obliteration of Turkey.”
Source: Letter to Robert Bulwer-Lytton, 1st Earl of Lytton (15 June 1877), from G. Cecil, The Life of Robert, Marquis of Salisbury. Volume II, pp. 145-146
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Robert Gascoyne-Cecil, 3rd Marquess of Salisbury 112
British politician 1830–1903Related quotes
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