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• W750576380 abstract "ABSTRACTIn 1925 the dream of exceptional returns drew Main Street investors to Wall Street by the thousands. Long the province of bankers and sophisticated large investors, the public equity markets now played a crescendo chorus of easy riches for small investors as well. We examine five published investors' guides that appeared in 1925 that were directed toward the novice individual investor. Their consistent theme was that investing in the public securities markets was a healthy activity and could be appropriately prescribed for the small individual investor. As appropriate as an exercise program designed for at-risk cardiac patients, the advisors consistently cautioned that programs should be undertaken with prudence and careful attention to the guidance that they were providing.INTRODUCTIONThe pathology of the 1929 collapse of the U.S. stock market has been extensively studied. Speculative fever fueled by accessible margin credit seduced investors from all walks of life; many were ruined in the ensuing crash. The debacle of 1929 did not discriminate, trapping both sophisticated professionals and many thousands of individual investors, all lured by Wall Street's siren song. While a few financial advisors urged caution in the years preceding the crash, much published investment advice remained, until the very end, enthusiastically positive. This study examines five popular investment resources that appeared in 1925 - they represent the best of Wall Street thinking, synthesized and reported for the Main Street investor. A review of these works serves as a routine physical examination of the advisory industry. By all measures, the physician 's conclusion was a clean bill-of-health. Broadly spanning the investment advisory spectrum, from a staid introductory history of U.S. industrial progress over the 50 preceding years, through convincingly argued advocacy for equities over bonds, and on to an enthusiastic admonition to jump on the Wall Street bandwagon before it was too late, all of the patient's vital signs were positive. In the literature available to the common investor, there was precious little indication that a nearly fatal financial coronary was looming just four short years in the future.MOODY (1925) - PROFITABLE INVESTINGIn his Introduction to Moody's Profitable Investing, publisher B.C. Forbes posts the author's goal: ...to make safe and at the same time profitable investments. Forbes recounts Moody's two million dollar annual income, his valuable Investors' Service and his fame among both large and small investors as compelling evidence of his vast investment experience. Moody's aim, ...to furnish legitimate investors with intelligent, dependable, unprejudiced information and counsel [p. viii] earns Forbes enthusiastic endorsement.Moody recounts fifty years of industrial progress and parallel growth in the need for capital. Outside investment was necessary for this growth, but unscrupulous promoters and ill-chosen speculative investments each extracted annual losses of upwards of 500 million dollars. He carefully delineates investment from speculation, with the former embracing an endeavor's long-term prospects and general conditions in the economy. Speculations, on the other hand, focus on the short term. Inattentive investors risk reclassification as speculators if changing economic conditions impact their holdings and they fail to react. Moody classifies securities as rails, public utilities, industrials and governmental. A fundamental investment principle is to diversify investment among these classes and across geography, customer bases and, in the case of bond positions, across maturities.Railroad bonds are recommended on the strength of the road's earning power rather than collateral value. Rail stocks, on the other hand, are viewed favorably when leverage is no greater than 50% and when surplus easily exceeds the business reinvestment necessary to maintain and grow the line. …" @default.
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• W750576380 date "2013-10-01" @default.
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• W750576380 title "Financial Hypertension: An Advisory Assessment of Individual Investor Opportunities Circa 1925" @default.
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