"There are no bears living on Park Avenue” means that the wealthy people who live on Park Avenue are not stock market pessimists ("bears") who believe that their wealth will soon disappear. “There are no bears living on Park Avenue” has been cited in print since at least 1971.
The saying is sometimes credited to American financier Bernard Baruch (1870-1965), but there is no printed documentary evidence to confirm this.
Google News Archive
6 February 1971, Ellensburg (WA) Daily Record, “Stock Market,” pg. 6, col. 3:
It has often been said, “There are no bears living on Park Avenue;” and so history tends to be on the side of the bull.
Billings (MT) Gazette
Investment pro upbeat about markets
November 04, 2003 11:00 pm • JAN FALSTAD Of The Gazette Staff
He quoted a famous investment saying: “There are no bears living on Park Avenue.”
The Citizen Investor
By Phil Dow with Paul B Brown
Minneapolis, MN: RBC Dain Rauscher, Inc.
I’m reminded of presidential economic advisor Bernard Baruch’s comments. He said: “There are no bears living on Park Avenue.”
Letters to the Editor: The Road to Zimbabwe
June 30, 2009
This inescapable human condition supports the assertion of Bernard Baruch who said, “There are no bears on Park Avenue.”
Subtle Signs Show Wealthy Are Worried
Published: Monday, 18 Jun 2012 | 9:58 AM ET
By: Robert Frank
CNBC Reporter & Editor
“Despite the old saying that ‘There are no bears on Park Avenue’, there does appear to be a distinct chill in the air when it comes to the mood” of the financial elite, said Colas.