“A low current stock price forecasts a low future price. If today’s price is low, there is a good reason to buy more (it’s cheap) and also a good reason to buy less (it’s likely to stay cheap). The two reasons cancel out and make “buying more when the price is low” no more attractive than “buying more when the price is high.”
―
Steven E. Landsburg,
The Armchair Economist (revised and updated May 2012): Economics & Everyday Life
