Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—bear market, bull market, paper loss—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #73647
NOBODY LOVES A BEAR
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 NOBODY LOVES A BEAR, 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: In a bear market a discouraged bull is at least not despised; he may find a sympathetic sufferer; but in a bull market no one ever wastes any compassion on a bear, or admits sympathetic kinship with him. He is popularly regarded as a pessimist, a destroyer of values, a discordant note, an uninvited guest at a banquet.
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around bear market, bull market, paper loss may differ sharply from modern markets.
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