Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—bullish news, board-room, bear—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #73647
THE STOCK MARKET PRODUCES A NEW PHENOMENON—TURNS WORLD-WIDE DISASTER INTO LOCAL PROSPERITY
The Psychology of Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines THE STOCK MARKET PRODUCES A NEW PHENOMENON—TURNS WORLD-WIDE DISASTER INTO LOCAL PROSPERITY, using the author’s early-twentieth-century investment framework to explain how investors were expected to judge security quality, income, risk, and market conditions. It opens from the chapter’s own discussion: At this time (1915) the major portion of the civilized world was embroiled in a mad turmoil, employing every known device and resource in destroying human life and every form of physical property. With the very foundations of civilization thus disrupted, and our own country on the verge of being drawn into a deadly combat in which the most humane and enlightened nations of the earth were reverting to the practices of
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around bullish news, board-room, bear may differ sharply from modern markets.
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