“Markets make opinions”

Entry in progress—B.P.
 
Google Books
Money of the Mind:
Borrowing and lending in America from the Civil War to Michael Milken
By James Grant
New York, NY: Noonday Press
1994
Pg. 424:
Markets make opinions” is the Wall Street axiom, and the bull market in financial leverage made bankers accommodating.
   
Google Groups: misc.invest.misc
Newsgroups: misc.invest.misc, misc.invest.stocks
From: “reporter12 ”
Date: 2000/04/12
Subject: The great productivity delusion (corrected)
 
The great productivity delusion
GRANT’S INTEREST RATE OBSERVER  
’ S Vol. 18, No. 06r MARCH 31, 2000 30 Wall Street, New York, New York 10005 0 www. grantspub. com
(...)
However, markets make opinions, as the sages say, and the Gordon finding has had no appreciable effect on the economic and financial discus-sion.
 
Google Groups: alt.politics
Newsgroups: alt.california, alt.politics
From: “roninart”

Date: Thu, 22 Mar 2001 23:47:28 GMT
Local: Thurs, Mar 22 2001 6:47 pm
Subject: The existential economist. Paris, France. (FWD)
 
THE EXISTENTIAL ECONOMIST
“Always and everywhere, markets make opinions.”
James Grant
   
Google Books
The Global-Investor Book of Investing Rules:
Invaluable advice from 150 master investors
By Philip Jenks and Stephen Eckett
New York, NY: Financial Times/Prentice Hall
2002
Pg. 66:
‘Markets make opinions, not the other way round.’
This is another Wall Street saying, which has been revived by James Grant, editor of Grant’s Interest Rate Observer. When markets rise, commentators find a way of rationalising the gains.
 
Forbes.com
Yes, But
Stocks Triumphant?
James Grant, 03.17.03, 12:00 AM ET
Siegel says stocks prevail in the long run. Maybe. But in the short run they go from overvalued to fearsomely undervalued. Look at one of the best of them: insurer AIG.
The old adage teaches: “markets make opinions.” In the bull market, Jeremy Siegel published Stocks for the Long Run, a book describing the superior returns produced by U.S. equities since the first administration of Thomas Jefferson. Now comes the anti-Siegel. In a new analysis, a trio of London academics contends that stocks do not necessarily excel, even over the very long run.
     
Google Books
Mobs, Messiahs, and Markets:
Surviving the public spectacle in finance and politics
By William Bonner and Lila Rajiva
Hoboken, NJ: John Wiley & Sons
2007
Pg. 55:
Or as they say on Wall Street—”Markets make opinions.” That is to say, when stocks have been rising for a long while, investors have opinions about why the bull market will last forever. If stocks are falling, their feelings lead them to believe prices will continue to fall for all eternity. 
 
But, of all attitudes, none is so irrationally conceived and so inveterately held as people’s good opinions of themselves. And Americans’ opinions of themselves are no exception. Since they have created their success themselves, surely they must be in charge of it too, they think. 
   
Jutia Group
The Economic Recovery: Have Stock Values Gone From Green to Yellow to Red?
May 15th, 2009
(...)
As the old Wall Street saw goes, “Markets make opinions.”