Another classic from Jason Zweig’s archives:
On this day in 1988:
Buy Stocks? No Way! hollers a headline in Time magazine.
Wild horses couldnt’ drag me back into stocks. Rather than gamble in this market, I might as well go to Las Vegas, retail investor Curtis Beusman tells Time. Eleven months after last years crash, adds Time, most individual investors are avoiding stocks as if they were poison. Some Wall Street executives fear that many of these investors may be leaving the market for good….
Says Hardwick Simmons, vice chairman of Shearson Lehman Hutton: The small investor is an endangered species.
Time, September 26, 1988, p. 54.
Stock market predictions are adorable — even more so from financial journalists . . .