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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 1949

On one side of the room were the doors of offices; the other side was covered with tremendous pictures of factories and ships and railroads. The pictures were Mr Golden’s idea. He wanted to explain to customers the real meaning of the stocks they were buying. Mr Golden always wanted people to feel that the stock market was a creative, a productive thing.

Gore Vidal, In A Yellow Wood

The stock market in 1949

By the end of May 1949, the total market value of all NYSE-listed stocks was $64 billion. While market capitalisation was still a third lower than it had been in September 1929 it was four times larger than it had been at the bottom of the 1932 bear market. As in 1932, NYSE listings accounted for almost ...

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