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Quotes of the Week

November 2, 1998

Long-run gains in economic efficiency have nothing whatsoever to do with the short-run trend of securities prices. At the peak of every bull market, optimists justify the extreme valuations with panegyrics about the technological transformation of industry. Just think back to the 1920s, when people were saying that electric power, radio, and aviation would revolutionize the world economy. Those prophecies came true, but in 1929 the market crashed anyway.
Martin Fridson (author of It Was a Very Good Year) in "Spike Control" from Bloomberg Personal (11/98)

Wall Street has some of the very best and worst types of people in American Society. You have on the one hand the most suave, polished people, and then you have traders who are like out-of-control bulldogs. Some of the people in the pit have manners which leave a lot to be desired.
Letitia Baldrige (Etiquette expert) Source: Worth (11/98)

I'm totally hooked on Wall Street because lately all the news is business--who bought who, who is laying off who, and what products are killing people. Wall Street is where the action is. And thanks to the Internet, it's where we can legally gamble. Your home computer becomes a legalized casino, and you can make yourself a day trade and feel pretty darn smart. I get a kick out of gambling like this.
Scott Adams (Dilbert) Source: Worth (11/98)

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