"The stock market can be down, but the stock market is not an indication of where people's spirits and enthusiam are, and where their intellectual energy is"
About this Quote
The phrasing matters. “Can be down” is casual, almost dismissive, like weather. Then he stacks intangible forces - spirits, enthusiasm, intellectual energy - a rising ladder from feeling to thought. He’s arguing that creativity and ambition don’t obey ticker symbols, and he’s doing it with the performer’s instinct for what gets flattened by headlines: inner life. In an era when markets were becoming a public obsession (and when television helped turn economic indicators into daily drama), the quote reads as a refusal to let financial volatility narrate national identity.
The subtext: don’t outsource your emotional reality to institutions built to monetize expectations. Daly’s point isn’t that money doesn’t matter; it’s that downturns are contagious partly because we let them become metaphors. He’s trying to break that metaphor, reclaiming the idea that a society’s real engine is not liquidity, but imagination and will.
Quote Details
| Topic | Investment |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Daly, James. (2026, January 15). The stock market can be down, but the stock market is not an indication of where people's spirits and enthusiam are, and where their intellectual energy is. FixQuotes. https://fixquotes.com/quotes/the-stock-market-can-be-down-but-the-stock-market-167650/
Chicago Style
Daly, James. "The stock market can be down, but the stock market is not an indication of where people's spirits and enthusiam are, and where their intellectual energy is." FixQuotes. January 15, 2026. https://fixquotes.com/quotes/the-stock-market-can-be-down-but-the-stock-market-167650/.
MLA Style (9th ed.)
"The stock market can be down, but the stock market is not an indication of where people's spirits and enthusiam are, and where their intellectual energy is." FixQuotes, 15 Jan. 2026, https://fixquotes.com/quotes/the-stock-market-can-be-down-but-the-stock-market-167650/. Accessed 10 Feb. 2026.
