<<but I think the herd has to buy in one more time to assure the maximum amount of poverty>>
There will be plenty of occasions to buy at 7,000, 6,500, 6,000, 5,500 5,000, 4,500, 4,200, 4,000, 3,600, 3,300, 3,000, 2,700, 2,500, 2,300 ...
<<Many of the bears, bowing to a force which finally seemed cosmic, switched to being
bulls at sadly late period in the era. The remainder who were still short at the time of the
crash covered too soon (as who wouldn't?). Then, after prices had gone inconceivably lower,
they took their profits and bought stocks (as who wouldn't?). In due course of time, if they
bought on margin, they went to "the Cleaners", that mythical establishment to which their
brother speculators had repaired some time earlier. "The Cleaners" was not one of those
exclusive clubs; by 1932 everybody who had ever tried speculation had been admitted to
membership.>>
F. Schwed, Jr. |
