Irving Fisher sees no crash in stock prices (1929)

There may be a recession in stock prices, but not anything in the nature of a crash.  Dividend returns on stocks are moving higher.  This is not due to receding prices for stocks, and will not be hastened by any anticipated crash, the possibility of which I fail to see.

A few years ago people were as much afraid of common stocks as they were of a red-hot poker. In the popular mind there was a tremendous risk in common stocks. Why? Mainly because the average investor could afford to invest in only one common stock. Today he obtains wide and well managed diversification of stock holding by purchasing shares in good investment trusts.

~ Irving Fisher, September 5, 1929 (two days after the peak of the bull market according to Robert Murphy, author of The Politically Incorrect Guide to the Great Depression and the New Deal)