“In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.”
Ron Chernow
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Ron Chernow
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The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.
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That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.
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A lot of the money in the stock market is really our national retirement plan, for better or worse.
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