Caveat 3: What’s growth for the goose is not always growth for the gander.

GREED RUN AMOK has been an essential feature of every spectacular boom in history.

Corollary to Rule 1: A rational investor should be willing to pay a higher price for a share the longer an extraordinary growth rate is expected to last.

Part of the genius of financial markets is that when there is a real demand for a method to enhance speculative opportunities, the market will surely provide it.

what the average opinion is likely to be about what the average opinion will be,

Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market.

It is intrinsically impossible to calculate the intrinsic value of a share.

Caveat 2: Precise figures cannot be calculated from undetermined data.

“In crowds it is stupidity and not mother-wit that is accumulated,” Gustave Le Bon noted in his 1895 classic on crowd psychology.