Bernard Baruch Quotes


A speculator is a man who observes the future, and acts before it occurs.


Citations

Bernard Baruch, 1870-1965, Businessman & Chairman, War Industries Board, U. S. Delegate to U.N. Atomic Energy Commission, Definition of a Speculator

Sourced by: Eigen's Political and Historical Quotations

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He distressed most of the other stock brokers on Wall Street by pointing out that if brokers were so smart, why would they not want to buy the stock for themselves rather than sell it to you. Therefore, he generally concluded that the best stocks are bought by the brokers and bankers for their own accounts, and the lesser quality shares are sold to the public.


Bernard Baruch
Bernard Baruch
  • Born: August 19, 1870
  • Died: June 20, 1965
  • Nationality: American
  • Profession: Financier, Stock Investor, Statesman, Political Consultant

After amassing a fortune on the New York Stock Exchange, he impressed President Woodrow Wilson by managing the nation's economic mobilization in World War I as chairman of the War Industries Board. He advised Wilson during the Paris Peace Conference. He made another fortune in the postwar bull market, but foresaw the Wall Street crash and sold out well in advance. In World War II, he became a close advisor to President Roosevelt on the role of industry in war supply, and he was credited with greatly shortening the production time for tanks and aircraft. Later he helped to develop rehabilitation programs for injured servicemen. In 1946, he was the United States representative to the United Nations Atomic Energy Commission, though his Baruch Plan for international control of atomic energy was rejected by the Soviet Union.