Mr. Market’s Predictive Power – June 1914
On June 30th 1914 the New York Times ran the headline:
Trading Very Dull, with Prices a Little Lower
The article had this to say about Europe:
The assassination of the heir to the Austrian throne was an event whose consequences were closely considered by the markets abroad, but the calmness which they showed indicated clearly that political complications were not feared as a result of this incident. Indeed, the view that it would tend to lessen rather than to increase political strife in Southeastern Europe found wide acceptance.