Jim Grant on the value of Austrian theory when peering into the future

What we do is look for extremes in markets: very undervalued or very overvalued.  Austrian theory has certainly given us an edge.  When you have a theory to work from, you avoid the problem that comes with stumbling around in the dark over chairs and night stands.  At least you can begin to visualize in the dark, which is where we all work.  The future is always unlit.  But with a body of theory, you can anticipate where the structures might lie.  It allows you to step out of the way every once in a while.

~ Jim Grant, "The Trouble with Prosperity: An Interview with James Grant," Austrian Economics Newsletter, Winter 1996

(Cited by Austrian School for Investors, p. 75.)