Irving Fisher was probably considered, by some, to be one of the smarter people of his time. Fisher was an American economist, statistician, inventor, and Progressive social campaigner.
But, even with all his schooling at the turn of the century, he was just as silly as everyone else. In 1929, just before the -86% crash, he said:
“Stock prices have reached what looks like a permanently high plateau.”
– Professor Irving Fisher, October 15, 1929
At the time, US equity valuations had never been higher.
The moral of the story is; if you don’t have your mind right, you’re probably wrong.
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