In 1929 when the crash came all sorts of people were into the market on margins over their heads–doctors, lawyers, merchants, waitresses. All sense of caution was lost, stocks were bought blindly and good bonds earning 4-5% were sneered at. Even though the air was full of warnings, very few people took them and when the crash came, casualties were terrific.
Love the first book and couldn't be more relevant right now. For a little less of a macro/analytical look at 'great depression', I really like Reminicscenes of A Stock Operator by Edwin Lefevre. It's a fictionalized account of a trader during the early 1900s but still full of critical, timeless lessons that bear on the psychological aspects of investing during times of great volatility. A nice compliment to Roth's book.
Love the first book and couldn't be more relevant right now. For a little less of a macro/analytical look at 'great depression', I really like Reminicscenes of A Stock Operator by Edwin Lefevre. It's a fictionalized account of a trader during the early 1900s but still full of critical, timeless lessons that bear on the psychological aspects of investing during times of great volatility. A nice compliment to Roth's book.
Reminiscences of A Stock Operator by Edwin Lefevre is an excellent book and will appear in a future Three Book Thursday.