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Market valuations can differ substantially and persistently from the rational expectation of the present value of cash flows without leaving statistically discernible traces in the pattern of ex-post returns.

— Lawrence Summers

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More quotes by Lawrence Summers

The situation in a number of countries reminds one that it's still a risky world out there in the emerging markets.

Things take longer to happen than you think they will and then they happen faster than you think they will.

The world over, private financial markets fail when it comes to the very poor, ... Mainstream banks do not seek out poor communities—because that’s not where the money is.

Takeovers wouldn't cause the stock market to rise unless there is an upward reassessment of earnings (potential). People are more optimistic and confident about the future.

No free country will ever again have anything like the 90 percent tax rates that we had in this country. Past a certain point, high marginal tax rates are, indeed, terribly destructive.

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Quote text and notes from Wikiquote: Lawrence Summers (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.