It is an unfortunate fact that great and foolish excess can...

It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.

Charlie Munger Quote About Gone, Excess, Use: It Is An Unfortunate Fact...

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