...manipulation, technical conditions and trend of the market.
...(1) The majority of those who were buying and selling securities were almost totally ignorant of the business.
(2) They were mentally lazy. They showed no desire to increase their knowledge of the subject, but anybody who gave them tips or so-called "information" held the greatest attraction for them.
(3) Very little educational literature was obtainable, even if the trading element had been inclined to devote thought and study to self preparation.
It was astounding to see how men, shrewd, careful and successful in their own business, would come down to the Street and throw caution to the winds when they undertook to deal in stocks or bonds.
...Experience showed that every well planned and well executed campaign in the market had three
First, in the case of an upward movement, the accumulation would appear and this might
run several weeks or months.
Next, would be the marking up stage, where the stock was forced upward by either bullish
news or aggressive buying until it reached the level where distribution could take place.
The third stage was that of distribution.
Operations for the decline would be the opposite of this cycle.
...It is true that a few large traders make spectacular profits at times. But their losses are usually in proportion, and these you never hear of.