„How good are markets in predicting real-world developments? Reading the record, it is striking how many calamities that I anticipated did not in fact materialise.

Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.

It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong.“


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„History can predict nothing except that great changes in human relationships will never come about in the form in which they have been anticipated.“

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„Woman stock is rising in the market.“

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„We generally did not talk about the stock market very much at the Fed.“

— Alan Greenspan 13th Chairman of the Federal Reserve in the United States 1926
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