“Bears make the headlines and bulls make the money” was used by financial writer Malcolm Berko in 1990. In 1993, Berko wrote that, in 1963: “I had lunch with Bernard Baruch, and one of his favorite expressions was, ‘The bears make headlines, and the bulls make money.’” Bernard Baruch (1870-1965) was an American financier, but earlier printed versions of the saying haven’t been found.
 
“Bears make headlines, bulls make money” means that financial “bears” can influence newspapers to write panic headlines and fearful stories, but one should remain optimistic because the financial “bulls” will make money in the long run.
 
 
Wikipedia: Bernard Baruch
Bernard Mannes Baruch (pronounced /bəˈruːk/; August 19, 1870 – June 20, 1965) was an American financier, stock-market speculator, statesman, and political consultant. After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters.
   
Investing Quotes
Bears make headlines, bulls make money.
Unknown
 
Google News Archive
30 September 1990, Wilmington (NC) Star-News, ‘Taking Stock” by Malcolm Berko, pg. 4E, col. 6:
As Bernard Baruch once said: “Bears make the headlines and bulls make the money.”
   
Google News Archive
11 August 1993, Toledo (OH) Blade, “Taking Stock” by Mal Berko, pg. 27, col. 2:
When I was fresh out of broker school in 1963, I had lunch with Bernard Baruch, and one of his favorite expressions was, “The bears make headlines, and the bulls make money.”
 
Google Books
The 1994 Handbook for No-Load Fund Investors
By Sheldon Jacobs
Irvington-on-Hudson, NY: No-load Fund Investor
1994
Pg. 156:
Be optimistic Bears make the headlines, but it’s the bulls that make the money. Never forget that the long-term trend of the market is up!
   
Investment U
Economic Forecast 2007: Why “Old Faithful” Will Push Stocks Higher
by Dr. Mark Skousen, Editor, Investment U
Sunday, December 10, 2006: Issue #616
(...)
As the old saying goes, “Bears make headlines, bulls make money.”
 
Right Side News
Dr. Mark Skousen’s Five Questions for President Obama and How Free-Market Thinking Can Build a Better Future
Sunday, 28 November 2010 14:06 The Daily Bell
(...)
My philosophy basically is that problems come and go, but I have always been more of an optimist rather than not. There is an old saying on Wall Street: “bears make headlines and bulls make money.”