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Critically evaluate the following quote. (d) In earlier years there was a great deal of scepticism in Wall Street as to whether intrinsic value had
Critically evaluate the following quote. (d) "In earlier years there was a great deal of scepticism in Wall Street as to whether intrinsic value had any valid existence at all apart from the market price. The common saying was: "A security is always worth what you can sell it for, no more and no less". This view is no longer prevalent in such a dogmatic form. The possible existence of an intrinsic value differing from price is now generally conceded, although vestiges of doubt remain as to the extent to which the concept has practical usefulness in security operations." (Graham, Dodd, and Cottle)
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