Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—They, floor traders, pool—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #75570
III. “They”
Psychology of the Stock Market. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines III. “They”, 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: If a man entirely unfamiliar with the stock market should spend several days around the Exchange listening to the conversation of all sorts of traders and investors, in order to pick up information about the causes of price movements, the probability is that the most pressing question in his mind at the end of that time would be “Who are ‘They?’” Everywhere he went he would hear about Them.
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around They, floor traders, pool may differ sharply from modern markets.
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