Anyone who has studied financial history knows that no one can predict interest rates with any consistency. There are always reasons why rates could go up and why rates could go down. Whatever direction someone thinks they will go, they speak about the evidence that supports that viewpoint.
The major point of this book is to select stocks which have the lowest P/E's relative to their total return on all capital. It makes a lot of sense. As an owner of any business, you want the best returns on the money you have invested in the business. You also want to buy businesses that are cheap (thus low P/E) relative to their returns.
