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Tuesday, April 26, 2022 12:30:54 PM
"The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains.
The bargains then suffered a ruinous fall. Even the man who waited out all of October and all of November, who saw the volume of trading return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price in the next twenty-four months."
--John Kenneth Galbraith, The Great Crash of 1929
I wish you the best with your buying. Prof Jermey Seigal ( Wharton ) and Tom Lee's (CNBC contributor) will be proud of you.
...and the music played on
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