“The stock market has forecast nine of the last five recessions.”
Paul Samuelson (1966), quoted in: John C Bluedorn et al. Do Asset Price Drops Foreshadow Recessions? (2013), p. 4
1950s–1970s
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Paul A. Samuelson 47
American economist 1915–2009Related quotes

"The Coming Disintegration of Financial Markets" (June 1994) http://spanish.larouchepac.com/static/about-larouche.html.

1992 Chairman's Letter http://www.berkshirehathaway.com/letters/1992.html
Letters to Shareholders (1957 - 2012)

“The market is not finished. The market still has over nine thousand points to drop.”
On the Financial crisis of 2008 The Colbert Report (6 October 2008)
Context: The market is not finished. The market still has over nine thousand points to drop. We'll get to Christmas at least.

“The stock market is not the economy, and the economy is not the stock market.”
repeatedly on his radio program " Marketplace APM https://www.marketplace.org/2019/09/30/the-stock-market-is-not-the-economy/" (September 2019)

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

2 November 1959
Letters to Shareholders (1957 - 2012)
Context: I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the Inevitability of profits from investments in stocks will lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued securities can be expected to be substantially affected.

“This wonder (as wonders last) lasted nine daies.”
Part II, chapter 1.
Proverbs (1546), Bartlett's Familiar Quotations, 10th ed. (1919)

“The stock market teaches you the hard way - it's all in the margin.”
Part IV, Intellectual Property, Publishing Chips in Taiwan, p. 135.
Running Money (2004) First Edition

Quoted in The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy (2000), p. 112, and Think, Act, and Invest Like Warren Buffett: The Winning Strategy to Help You Achieve Your Financial and Life Goals (2012), p. 22 <!-- also in -->
Context: I wouldn't mind going to jail if I had three cellmates who played bridge. … The approach and strategies [of bridge and stock investing] are very similar. In the stock market you do not base your decisions on what the market is doing, but on what you think is rational. With bridge, you need to adhere to a disciplined bidding system. While there is no one best system, there is one that works best for you. Once you choose a system, you need to stick with it.