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Anatomy of the Bear: Lessons from Wall Street's four great bottoms by Russell Napier

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Structure of the market in 1921

Up in the city, I tried for a while to list the quotations on an interminable amount of stock, then I fell asleep in my swivel-chair. Just before noon the phone woke me, and I started up with sweat breaking out on my forehead.

F Scott Fitzgerald, The Great Gatsby

The stock market in 1921

The stock market in 1921 was not the usual domain of the institutional investor. Such investors did exist, but common stocks were still regarded as of a speculative nature and the institutional investor was much more interested in the bond market. Figure 10 shows the stock market composition on 30 July 1921 for the New York Stock Exchange.

FIGURE 10. STOCK MARKET COMPOSITION 30 JULY 1921

Source: Wall Street ...

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