“The end is not nigh: people and markets adapt to even the worst circumstances.” David Tepper Image: vitma/Shutterstock.com
By: John Grobe, Federal Career ExpertsIt’s easy to get confused if you’ve been reading articles about the economy in general and the stock market. On the same day, from the same source, you might find two diametrically opposed predictions about the course of the stock market and whether or not we are headed for a recession, or perhaps AI is going to destroy the world economy and/or open a new era of prosperity, a new bull market is just around the corner, high inflation is the new normal and so on.
This isn’t strange; we often find differing opinions and predictions based on different ways of looking at situations. It also isn’t new. Here are some quotes about investing gleaned from the statements and predictions of “experts” in the past.
“Everything will end badly.” Bill Henry
“Owners of sound securities should never panic.” J. Paul Getty
“Successful investing is anticipating the anticipations of others.” John Maynard Keynes
“The man who is a bear on the United States will eventually go broke.” J. P. Morgan
“You make your money from bad times and collect your money in good times.” Arthur Laffer
“There’s nothing wrong with the charts, only the chartists.” Anon
“History repeats itself, but never in the same way.” Mark Skousen
“It wasn’t raining when Noah built the ark.” Howard Ruff
“The end is not nigh: people and markets adapt to even the worst circumstances.” David Tepper
“There is no error so monstrous that it fails to find defenders among the ablest men.” Lord Acton
“Businessmen can profit handsomely if they will disregard the pessimistic auguries of self-appointed prophets of doom.” J. Paul Getty
“The four most dangerous words in the world of investing are: ‘This time is different.’” John Templeton
“…keep your head when all about you are losing theirs.” Rudyard Kipling
“The stock market has predicted 9 out of the last 5 recessions.” Paul Samuelson
So, what are these experts telling us with their words of wisdom? It would appear that most of them are advocating that we stay the course, and are suggesting that if we do so, we will weather the storm. Let’s close with a couple of quotes from advocates of “buy and hold” investing.
“If you hold the stock market, you will grow with America.” John Bogle
“Nobody buys a farm based on whether they think it’s going to rain next year. They buy it because they think it’s a good investment over 10 to 20 years.” Warren Buffett
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