“In the stock market one quickly learns how important it is to act swiftly.”
Bernard Baruch
13 quotes3 research pieces2 downloadable PDFs
Quotes(13)
“Never before had there been such gambling as there was in those last turbulent years of the ’20s, but few people realized they were gambling — they thought they had a sure thing.”
“Not even the “safest” investment is without some risk and some element of speculation.”
“There are two principal mistakes that nearly all amateurs in the stock market make. The first is to have an inexact knowledge of the securities in which one is dealing, to know too little about a company’s management, its earnings, and prospects for future growth. The second mistake is to trade beyond one’s financial resources, to try to run up a fortune on a shoestring.”
“One could say that my whole career in Wall Street proved one long process of education in human nature.”
“The strange fascination that the stock market exerts upon people has never ceased being a source of wonder to me.”
“I think economists as rule…take for granted they know a lot of things. If they really knew so much, they would have all the money and we would have none.”
“We must remember that delusions swing between extremes, like pendulums. Delusions of grandeur and unending wealth give place to delusions of unending gloom. One is as unreal as the other.”
“Whether stocks rise or fall is determined by innumerable forces and elements, by economic conditions, the actions of governments, the state of international affairs, the emotions of people — even the vagaries of the weather.”
“People invest in stocks for two opposite reasons — in hope and confidence in the future of an enterprise or in fear that the value of their capital will be lost through inflation.”
“The stock market registers the judgments of multitudes of buyers and sellers about the many factors which affect business — what business is like today; what it will be like in the future.”
“The impression has built up that the stock market is the cause of booms and busts. Actually, it is the thermometer — not the fever.”
“No one, not even the most experienced trader, economist or businessman can predict with certainty the course of the stock market.”
Research & Reading(3)
Bernard Baruch’s Own Story: The 1929 Crash
Bernard Baruch recounts his experience during the 1929 stock market crash, emphasizing discipline, liquidity, and the courage to step aside from speculation when conditions become dangerous. He highlights the importance of recognizing excess, preserving capital, and resisting crowd psychology during periods of market mania.
Bernard Baruch Letters
The Bernard Baruch Letters reveal Baruch’s pragmatic investing philosophy, blending market insight with observations on human behavior, politics, and risk. Across his correspondence, he stresses patience, independence of thought, and the necessity of protecting capital during periods of uncertainty and speculation.
Bernard Baruch School of Business & Public Administration
This piece reflects Bernard Baruch’s belief in practical education grounded in real-world economics, ethics, and public service. He emphasizes that business leadership requires sound judgment, social responsibility, and an understanding of how markets, government, and human behavior intersect.