Change is the only constant, therefore present value is not future value
"There are a good many former towns in western Kansas which have become even less than villages. Many dividend-paying investment stocks have, in the course of time, been reorganized out of existence. Present value does not mean future value unless present conditions are maintained (Dow, Charles H. Wall Street Journal. Review and Outlook. May 26, 1900)."
Who was Charles H. Dow?
“Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser. Dow also founded The Wall Street Journal, which has become one of the most respected financial publications in the world. He also invented the Dow Jones Industrial Average as part of his research into market movements. He developed a series of principles for understanding and analyzing market behavior which later became known as Dow theory, the groundwork for technical analysis (source: Wikipedia.org).”
