9/2/2025
By Charles Payne CEO & Principal Analyst

1929 Market was Not Irrational

September 3^rd marked a high for the market in 1929 and 2008.  The former was accompanied by a now-infamous article in which famed economist of the time, Irving Fisher, declared the rally would continue in perpetuity. Fear-mongers often bring this up, but a 2003 study shows that the market was not unreasonably expensive. 

In my opinion, exogenous forces (primarily the Federal Reserve) brought the market to its knees.

Valuations Were Not Excessive

September Fear

I couldn’t find a specific phobia tied to this month. "September Anxiety" describes a kind of melancholy associated with the end of summer (I suffer from this big time). Stock investors, however, are bracing for the market to swoon and volatility to spike. It could be so prevalent that it becomes self-fulfilling.

BTD

I agree with Bank of America (BAC) – if a wave of angst sends the market lower, be ready to pounce.

This year has seen the ‘Establishment’ squirm like no other period in my career. They control all the levers of influence and continue to lose mightily.

The issue is that they will never stop trying to put things back in place, which means wealth accumulation is skewed in favor of those who are already wealthy. Barriers disguised as good deeds keep the masses corralled in a pool of self-doubt, content with keeping up with the Joneses via high credit card bills and living paycheck to paycheck.

It doesn’t have to be that way, but to break the system, each individual must establish their own priorities. Buying crap you don’t need shouldn’t be on the list, while investing for significant gains should be near the top.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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