“There is no such thing as intrinsic value. Its an abstraction. It's made up... If I had a glass of water and an ounce of gold on a table and said you could take whatever you thought was worth more, you'd take the gold.

However, if I change the setting - say you'd been in a desert for two days without water and knew you'd not get any water for another couple of days-then the calculus is different, isn't it?

As I say, it's all relative...

And it's not just true in markets. This is how we understand the world around us.”

From How Do You Know? A Guide to Clear Thinking About Wall Street, Investing, and Life by Christopher Mayer