Markets are never wrong, opinions are.—JESSE LIVERMORE
On September 5, 1929, noted businessman, investor, and statistician Roger Babson took the podium at his namesake Massachusetts college to discuss the state of the stock market. Speaking to the annual gathering of the National Business Conference during that late summer afternoon, Babson cut right to the chase:
I repeat what I said at this time last year and the year before, that sooner or later a crash is coming which will take in the leading stocks and cause a decline of from 60 to 80 points in the Dow-Jones Barometer.
Fair weather cannot always continue. The economic cycle is in progress today as it was in the past. The Federal Reserve System has ...