Wall Street Takes a Dive: Is It Time to Get Out of the Stock Market?

Mark Skousen

Named one of the "Top 20 Living Economists," Dr. Skousen is a professional economist, investment expert, university professor, and author of more than 25 books.

“How many insecurities traded today on Wall Street?” — Franz Pick

“Everything will end badly.” — Bill Henry

“October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February.” — Mark Twain

The stock market has fallen sharply this week due to fears of a global recession, the never-ending trade war with China and new calls for impeaching the President.

Is it time to sell? The above quotes, taken from my book, “The Maxims of Wall Street,” reflect the mood of investors these days.

But you would be wise not to panic. Interest rates, inflation and unemployment rates are near all-time lows. The market could turn on a dime if China signs a trade deal or the Fed stimulates the money markets.

Here are some appropriate quotes to suggest a calmer approach

“Everyone is a disciplined, long-term investor until the market goes down.” — Steve Forbes

“Owners of sound securities should never panic. Businessmen can profit handsomely if they will disregard the pessimistic auguries and self-appointed prophets of doom.” — J. Paul Getty

Beware of Doom-and-Gloomers

At the Philadelphia MoneyShow last week, I made my appearance as Ben Franklin (see photo below), who warned us more than 200 years ago to beware of doom and gloomers, who he referred to as “croakers.” Back in his day, he noted that, “I saw in the public papers frequent complaints of hard times, deadness of trade, and the scarcity of money.” He paid them no attention and prospered.

Photo Credit: Paul Dykewicz

Dr. Franklin told the story of an elderly man with a wise look and very grave manner who stopped by his print shop. The visitor sought to warn Franklin that Philadelphia was a “sinking hole” and that he should sell everything at once. For years, the old croaker refused to buy a house because “all was going to destruction.” Franklin concluded the story by saying, “At last I had the pleasure of seeing him give five times as much for a house as he might have bought it for when he first began his croaking.”

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Franklin was a natural optimist. One year, while ambassador to France, he wrote a friend, “We had a terrible winter in France… Yet I was still alive, the sun started to return, the days to lengthen, the spring to come, the trees and gardens to regain their vendure, all nature to laugh, and to me, happiness.”

Who are the croakers today? The permabears and gold bugs on Wall Street who are constantly warning us of a stock market crash and the global warming alarmists who are predicting the imminent collapse of our ecosystem and Florida going underwater.

I wouldn’t be surprised to see them buy ocean-front properties with all their book royalties and speaking fees! (Wait a minute! Former President Barack Obama and his wife just purchased a $15 million beach-front property in Martha’s Vineyard in addition to their beachfront property in Kailua Bay, Hawaii.)

Ben Franklin Recommends My Newsletter and ‘Maxims’!

It turns out that Dr. Franklin is a big fan of my newsletter and the book “Maxims of Wall Street.”

It turns out that Dr. Franklin is quoted 17 times in the new 6th ed. of “The Maxims of Wall Street,” such as:

“Nothing but money is sweeter than honey.”

“There are three friends in life — a faithful wife, an old dog, and ready money!”

“Necessity never made a good bargain.”

“Bad news travels faster than good news.” (So true in the stock market!)

“Genius without education is live silver in the mine.”

“An investment in knowledge pays the best interest.”

“A fool and his money are soon parted.”

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And for those who, like us, look for insider trading opportunities:

“Three can keep a secret — if two are dead!”

There are over 800 great quotations and short stories in “The Maxims of Wall Street,” all divided into categories, such as value vs. growth, contrary investing, brokers and advisers, financial privacy, gold & mining and income investing.

Warren Buffett is a big fan: “I love your book and plan to steal some of its lines.” (He’s quoted more than anyone else.)

It is the one and only compendium of financial adages, ancient proverbs and worldly wisdom — it has sold over 28,000 copies. Alex Green calls it a “classic.”

Commodity guru Dennis Gartman says, “It’s amazing the depth of wisdom one can find in just one or two lines from your book.”

Kevin O’Leary Endorses My “Maxims” Book

Kevin O’Leary of “Shark Tank” fame is also a big fan of the Maxims. Looking at my book (see photo), he suggested adding this quote: “Getting rich is easy if you follow three rules: spend less, save more, invest the rest.”

Order Now at Super Discount!

The “Maxims” book is available for only $20 for the first copy, and all additional copies are $10 each. And if you order an entire box of 32 books, you pay only $300. As Hetty Green, America’s first female millionaire, said, “When I see a bargain, I buy a lot of it!” Plus, I pay postage and autograph each copy. It is the perfect gift for investors, clients, money managers and stockbrokers.

To order, call Harold at Ensign Publishing at 1-866-254-2057, or go to www.skousenbooks.com.

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By the way, here’s something else I shared with attendees at the Philadelphia Money Show last week: The #1 investment in my personal IRA. If you’re interested in finding out, you can get all the details right here.

Good investing, AEIOU,

Upcoming Conferences:

Gold is back! Join Me for the New Orleans Investment Conference, Nov. 1-4, 2019, Hilton Riverside Hotel. With gold and silver moving up sharply, I urge you to attend the New Orleans Investment Conference, the annual gathering of gold bugs. I will be there, as I have spoken at every New Orleans conference since 1976! Speakers include Dennis Gartman, Kevin Williamson, Steve Moore, Rick Rule, Mary Anne and Pamela Aden, Doug Casey, Adrian Day and Peter Schiff. This is the granddaddy of gold bug conferences. All details can be found at http://neworleansconference.com/noic-promo/skousen/.

Click here to register. Be sure to mention you are a subscriber of mine.

One Day Miami Investment and Latin American Conference, Nov. 8: Speakers include Rodolfo Milani, Louis Navellier, Art Hogan and myself, as well as a cohort of Latin American heroes: the blood poet of Cuba, Armando Valladares; Cuban freedom activist Rosa Maria Paya; former defense minister for Bolivia Carlos Sanchez Berzain; and exiled Cuban author Carlos Montaner. Price for this one-day event is $89 per person/$149 per couple. To register, contact Nathan at 1-855-850-3733, ext. 202. Attendance is strictly limited to 85 people. Don’t delay!

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