Unless current profit margins can be sustained indefinitely, P / E multiples may turn out to be very unreliable measures of value. (hussman.net)
That makes sense from a structural standpoint, because fixed claims on future cash are different than participating in current profits, and the change in expectations for future profits. (alephblog.com)
I suggest that we set aside an endowment fund from current profits, so as to share future management expenses and to provide accident insurance. (religion-online.org)