In my recent visit to the White House, I found this same hope prevailing in official circles, and I concluded that what we all must do is to get behind our president and push upward, to the next period of prosperity.
James T. Farrell, Judgement Day
The investment trenches were deep and muddy in the summer of 1932. But before we get into the tactics of the trenches, we need to take a strategic look at that battlefield investors call “the long term”.
There are many ways 1932 stands out from other major bear-market bottoms of the 20th Century. The most important difference is the pace at which equities moved from overvalued to undervalued.
As we have already seen, stocks had become very cheap in ...