Hi Terry,
"Someday I plan to read the book "The Madness of Crowds", "
It's worth reading but a bit stuffy. A better read on the same subject is Manias, Panics, and Crashes by Charles P. Kindleberger. I think it's still in print and could be ordered over the internet from Amazon.com. One of the quotes from the introduction is by Bernard J. Lasker, Chairman of the New York Stock Exchange in 1970, and quoted by John Brooks book, The Go-Go Years:
"I can feel it coming, S.E.C. or not, a whole new round of disastrous speculation, with all the familiar stages in order -- blue chip boom, then a fad for secondary issues, then an over-the-counter play, then another garbage market in new issues, and finally the inevitable crash. I don't know when it will come, but I can feel it coming, and damn it, I don't know what to do about it."
Jack |
