A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from August 05, 2011
“You don’t need analysts in a bull market, and you don’t want them in a bear market”

"You don’t need analysts in a bull market, and you don’t want them in a bear market” is a Wall Street saying usually attributed to financial trader and writer Gerald M. Loeb (1899-1974). It’s not known when the saying was first used.


Wikipedia: Gerald M. Loeb
Gerald Loeb (1899 - April 13, 1974) was a founding partner of E.F. Hutton & Co., a renowned Wall Street trader, and the author of the books The Battle For Investment Survival and The Battle For Stock Market Profits. Loeb promoted a view of the market as too risky to hold stocks for the long term in contrast to well known value investors. He also created the Gerald Loeb Award, given annually for excellence in various cateogories of financial journalism.

John Budden—Investment Strategist
Salomon Smith Barney announced this past week August 15 that it was paying $25 million in cash and stock to attract an analyst which prompted a reference in Barron’s to a quote by Gerald Loeb regarding securities analysts:
“In a bull market you don’t need’em; in a bear market, you don’t want’em”.
- Gerald Loeb

12 November 1978, New York (NY) Times, “The Markets: What a Dividend Cut Can Do” by Vartanig G. Vartan, pg. F22:
There’s an old saying in Wall Street that runs like this: “When the market’s going up, who needs analysts? When the market’s going down, who needs stocks?”

15 January 1984, Seattle (WA) Daily Times, pg. C1, col. 1:
“You don’t want analysts in a bear market and you don’t need them in a bull market.”
-- Gerald M. Loeb, financial analyst

New York (NY) Daily News
WALL STREET’S LITTLE SECRET
Analysts fall prey to emotions
BY PETER SIRIS
Saturday, June 02, 2001
(...)
As my partner Leigh says, “You don’t need analysts in a bull market and they’ll kill you in a bear market.”

Google Books
Taking Stock:
A spiritual guide to rising above life’s financial ups and downs

By: Benjamin Blech
New York, NY: Amacom, American Management Association
2003
Pg. 16:
The Blodgets and Meekers of this world prove how right Gerald Loeb was when he observed that “In a bull market you don’t need analysts, and in a bear market you don’t want them.”

Google Groups: Team Stockresearchers
Fwd: SANJAY CHHABRIA’s WEEKLY STOCK IDEA(S) -23rd July 2007
“You don’t want analysts in a bear market and you don’t need them in a bull market”.- Gerald M. Loeb

The Big Picture
Open Thread: Financial Analysts
Monday, February 04, 2008 | 06:30 PM
There’s an old joke on Wall Street:

Analysts:  You don’t need them in a Bull market, you don’t want them in a Bear market . . .

Alfa Romeo Bulletin Board and Forums
Subtle
09-29-2009, 09:31 AM
Gerald Loeb in 1934 observed about financial analysts, or stock analysts:

“In a bull market, who needs them; in bear market, who wants them.”

Google Books
Full of Bull:
Unscramble Wall Street Doubletalk to Protect and Build Your Portfolio

By Stephen T. McClellan
Upper Saddle River, NJ: FT Press
2010
Pg. 191: 
“In a bull market, you do not need them,” Gerald Loeb says of securities analysts. “In a bear market, you do not want them.”

Google Books
Bailout Nation, with New Post-Crisis Update: How Greed and Easy Money
By Barry Ritholtz with Aaron Task
Hoboken, NJ: John Wiley & Sons
2009
Pg. 246:
Perhaps the cliche about analysts is better applied to rating agencies: “You don’t need them in a bull market, and you don’t want them in a bear market.”

Irish Times
Friday, May 6, 2011
Stock Take
PROINSIAS O’MAHONY
(...)
One market adage – you don’t need analysts in a bull market and you don’t want them in a bear market – is incontestable.

The Big Picture
S&P Downgrades US to AA+
By Barry Ritholtz - August 5th, 2011, 8:39PM
(...)
It just goes to show you that the old cliche is true: You don’t need analysts in a bull market, and you don’t want them in a bear market.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Friday, August 05, 2011 • Permalink