“Most investors avoid the difficulty of forecasting long-term cash flows by simply ignoring them. Instead, they focus on short term earnings growth prospects." “Those who can’t measure what they want frequently settle for wanting what they can measure.” expectationsinvesting.com/pdf/earnings.p…
"Shareholder value only increases if the company earns a rate of return on new investments that exceeds the cost of capital. Management, however, can achieve earnings growth ... when it is investing below the cost of capital." Mauboussin and Rappaport
"The price-earnings multiple does not determine value; rather, it derives value. P/E analysis is not an analytic shortcut. It is an economic cul-de-sac." 
