Delusions of Grandeur

2 Pages Posted: 14 Nov 2013 Last revised: 23 Jun 2017

Date Written: October 1, 2013

Abstract

This paper puts stock market declines in their proper perspective. Paper wealth is only that. A sudden market decline does not reduce real wealth, e.g., plant and equipment, consumer durables.

Keywords: stock market declines

JEL Classification: G10

Suggested Citation

Ferguson, Robert, Delusions of Grandeur (October 1, 2013). Journal of Portfolio Management, Vol. 40, No. 1, 2013. Available at SSRN: https://ssrn.com/abstract=2354072

Robert Ferguson (Contact Author)

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