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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: tradermike_1999 who wrote (633)	11/13/2000 8:52:26 PM
From: Wyätt Gwyön	Respond to of 74559

I am reading Devil Take the Hindmost. The part about the South Sea bubble is hilarious. Here is a description of John Blunt, the "CEO": 'Twas his avow'd Maxim, a thousand times repeated, That the advancing by all means of the price of stock, was the only way to promote the good of the company. And his second maxim: the more confusion the better; People must not know what they do, which will make them the more eager to come into our measures; the execution of the Scheme is our business; the Eyes of all Europe are upon us. Confusion is a good description of some companies balance sheets. South Sea was an amazing scam, but interestingly, it only traded to a peak of 1050 pounds, or 10 times PAR (it was based on annuities with a value of 100 pounds). By today's standards, ten times book is nothing.