Going back to 1929, it is important to look at what happened to one particular gentleman and what impact it had on the whole society. Benjamin Graham was a young and upcoming investment manager and a professor. He had built good reputation as a portfolio manager and was managing a sizeable sum of clients’ money.
While he seemed to have seen the danger, he continued with his investment portfolio. At one point of time in 1929, while discussing with the legendary Bernard Baruch, young Ben Graham mentioned, “… someday, the reverse should happen.” When he reflected on events some years later, Ben found it strange that though he sensed danger, he did not completely sell out of the market. (Ref: “Benjamin Graham on Value Investing – Lessons from the Dean of Wall Street” by Janet Lowe; Published by Penguin Books).
#RidingTheRollerCoaster – 39