Markets are governed by doubt rather than conviction, by fear more than forecast, by memories of last time and not foreknowledge of next time. The level of stock prices does not mean that investors know, it means they do not know. Faced with the perplexities and uncertainties of the modern world, market values will fluctuate more widely than will seem reasonable in the light of after-events.
- JM Keynes
Chairman's speech to the 1938 National Mutual Insurance Company annual meeting
Chairman's speech to the 1938 National Mutual Insurance Company annual meeting
Also via The Journal of Economic Perspectives Summer 2013:
(Collected Writings XII, p. 238, emphasis in original).
