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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 1932

‘It’s this way, Joe. Now, what gave us good times? The automobile industry. Why? Because it was something new to develop. Now, what do we need now to bring back better times? Something else that’s new, to develop. Well, that’s the idea, see. This outfit I’m with has got something new. An electric shaver.’

James T. Farrell, Judgement Day

The stock market in 1932

Between each of the four periods covered in this book there were marked changes in the structure of the stock market. The intervening bull markets brought forth numerous new issues and new technologies, resulting in the emergence of new industries. While the 1921-32 period is the shortest gap between bear market bottoms it was still accompanied ...

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