FYI: Everybody is familiar with this quote from Irving Fisher, which appeared on the front cover of the New York Times on October 16th, 1929. This will live on forever because just eight trading sessions later, the Dow crashed 13.47%. The following day it fell another 11.73%.
That permanently high plateau would not be seen again until the winter of 1954.
There is another Fisher quote that doesn’t get nearly as much attention and one that I only just learned about thanks to Jason Zweig ** Two weeks later with stocks down more than 20%, Fisher said “It now looks as though the bottom of the market had been found and many are taking advantage of the opportunity to come back and invest again.”
Oof.
These two quotes have made Irving Fisher a first-ballot member of the financial freezing cold takes hall of fame.
Regards,
Ted
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