Bernard Baruch — The Investor Who Saw the 1929 Crash Coming
Full Name: Bernard Mannes Baruch
Born–Died: 1870–1965 (aged 94)
Peak Net Worth: Around $15–20 million in the 1930s (~$300M today)
Education: City College of New York
Background: Son of a doctor, raised in South Carolina
Career Highlights:
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Started as a broker at A.A. Housman & Co
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Became a self-made millionaire by 1903
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Specialized in trading and early investments in industry
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Sold most of his stock positions in 1928, avoiding the 1929 market crash
Government Roles:
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Advised 3 U.S. Presidents:
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Woodrow Wilson – Head of the War Industries Board during WWI
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Franklin D. Roosevelt – Industrial mobilization advisor during WWII
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Harry Truman – U.S. representative at the UN on nuclear policy (Baruch Plan, 1946)
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Investment Style:
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Preferred simple logic and cash over risk
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Didn’t follow academic economic theories like Keynesianism
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Believed in intuition, patience, and staying away from hype
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Criticized by Ray Dalio later for not understanding debt cycles deeply enough
Death:
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Died in New York on June 20, 1965
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Left behind large holdings in bonds, land, and cash
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Never went bankrupt and avoided major losses during major crashes
🔹 Most Used Quotes by Bernard Baruch in Trading Circles:
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“I made my money by selling too soon.”
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“Don’t try to buy at the bottom and sell at the top. It can’t be done — except by liars.”
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“The main purpose of the stock market is to make fools of as many men as possible.”
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“Cash is good to have — so you’re not forced to sell good assets in bad times.”
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“Human nature doesn’t change. That’s why markets don’t change either.”
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“The big money is not in the buying or the selling, but in the waiting.”
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“The public is always too late — they come in at the top and leave at the bottom.”
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“If you can’t afford to lose — don’t play the game.”
