Source, in full
As quoted in When Genius Failed (2000) by Roger Lowenstein, p. 123; actually "Markets can remain irrational a lot longer than you and I can remain solvent." from A. Gary Shilling, Forbes (1993) v. 151, iss. 4, p. 236; and again A. Gary Shilling in Semi information services seminar transcript, January 23 - 26, 1983: Newport Beach Marriott Hotel, Newport Beach, California p. 384 "... and the markets usually do anticipate recoveries. They've anticipated twelve of the last eight, I think. Of course, you need to keep in mind that the stock market can remain irrational a lot longer than you can remain solvent."