The article introduces the idea that interest rates are the gravitational force governing the value of assets, attributed to Warren Buffett. Edward Chancellor's *The Price of Time: The Real Story of Interest Rates* is cited as the source, and a stock with a P/E ratio of 20x is used to explain earnings yield.
The article introduces the view that interest rates are said to be the gravitational force governing the stock market. The idea is said to have originated as a maxim attributed to Warren Buffett and is used to help explain the underlying logic.
Edward Chancellor's *The Price of Time: The Real Story of Interest Rates* is cited, presenting the view that interest rates are the gravitational force governing the value of assets. An interpretation explaining earnings yield using a stock with a P/E ratio of 20x is also provided.