
“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
“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)
“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
BuzzFlash interview (2004)
Context: Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
Part VII, The Margin Surplus, Wealth How?, p. 261.
Running Money (2004) First Edition
Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 11, Finance And Economic Breakdown, p. 243
Mark Skousen; in: The Freeman: Ideas on Liberty, Vol. 60, Nr. 3-10 (2010). p. 7
Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 6.
“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
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.
"The Voodoo Sciences" http://www.jerrypournelle.com/science/voodoo.html, 1988
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