“Bernanke is the anti-Benjamin Graham, Graham being the great value investor. For Benjamin Graham, value was everything, price was a way of getting at value. For Bernanke, price is everything, value is an annoyance, value is what holds prices down. I think that investors should keep an extra margin of cash to exploit the opportunities that may well come from an unscripted rise of inflation that sets off a chain reaction in interest rates and brings values back down to earth. Nothing is sweeter than buying cheap stocks, and they do get cheap from time to time.”
–James Grant, Value Investor and Publisher of Grant's Interest Rate Observer, March 31, 2011 on Kudlow & Co., CNBC
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