But the answer is yes. It always has been. It always will be.


In 1999 and early 2000, bull-market baloney was everywhere:
On December 7, 1999, Kevin Landis, portfolio manager of the Firsthand mutual funds, appeared on CNN’s Moneyline telecast. Asked if wireless telecommunication stocks were overvalued―with many trading at infinite multiples of their earnings―Landis had a ready answer. “It’s not a mania,” he shot back. “Look at the outright growth, the absolute value of the growth. It’s big.”
On January 18, 2000, Robert Froelich, chief investment strategist at the Kemper Funds, declared in the Wall Street Journal: “It’s a new world order. We see people discard all the right companies with all the right people with the right vision because their stock price is too high―that’s the worst mistake an investor can make.”
In the April 10, 2000, issue of BusinessWeek, Jeffrey M. Applegate, then the chief investment strategist at Lehman Brothers, asked rhetorically: “Is the stock market riskier today than two years ago simply because prices are higher? The answer is no.”
But the answer is yes. It always has been. It always will be.
―The Intelligent Investor, Commentary on Chapter 3