The ABC of Stock Speculation

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Cosimo, Inc., 2007 M12 1 - 236 páginas
In 1884, Charles Dow, the Wall Street Journal's famous first editor, published the first stock market average... and in the years after, he formulated, through his editorials, a wide-ranging economic philosophy that has come to be known as "Dow's Theory." In fact, S.A. Nelson coined the term when he collected Dow's editorials together in this 1902 volume. Topics discussed include: methods of reading the market cutting losses short the danger in overtrading the recurrence of crises the tipster and much more. Dow's observations and Nelson's commentary sound strikingly modern even a century later, and remain vital components of an intelligent understanding of fundamental concepts of the stock market. S. A. NELSON was a reporter for The Wall Street Journal during the early 20th-century.

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Página 110 - Tis two or three, my lord, that bring you word, Macduff is fled to England. Macb. Fled to England? Len. Ay, my good lord. Macb. Time, thou anticipat'st my dread exploits : The flighty purpose never is o'ertook, Unless the deed go with it. From this moment The very firstlings of my heart shall be The firstlings of my hand. And even now, To crown my thoughts with acts, be it thought and done. The castle of Macduff I will surprise ; Seize upon Fife ; give to the edge o' the sword His wife, his babes,...
Página 50 - But almost everybody learns by sad experience that the "best laid plans of mice and men gang aft agley.
Página 36 - The market is always to be considered as having three movements, all going on at the same time. The first is the narrow movement from day to day. The second is the short swing, running from two weeks to a month or more; the third is the main movement, covering at least four years in its duration.
Página 43 - Another method is what is called the theory of double tops. Records of trading show that in many cases when a stock reaches top it will have a moderate decline and then go back again to near the highest figures. If after such a move, the price again recedes, it is liable to decline some distance.
Página 39 - It is curious also that in one of his earliest statements of the price movement he makes an indefensible claim. Under the caption "Swings Within Swings," in the Review and Outlook of The Wall Street Journal of January 4, 1902, he says: "Nothing is more certain than that the market has three well defined movements which fit into each other. The first is the daily variation due to local causes and the balance of buying or selling at that particular time. The secondary movement covers a period ranging...
Página 57 - If people with either large or small capital would look upon trading in stocks as an attempt to get 12 per cent per annum on their money instead of 50 per cent weekly, they would come out a good deal better in the long run. Everybody knows this in its application to his private business, but the man who is prudent and careful in carrying on a store, a factory or a real estate business, seems to think that totally different methods should be employed in dealing in stocks. Nothing is further from the...
Página 88 - ... government to extend the charter of the United States Bank had caused a radical change in the banking business of the country, while the withdrawal of public deposits and their lodgment with state banks had given the foundation for abnormal speculation. 1847, 1857, and 1866 "The panic in Europe in 1847 exerted but little influence in this country, although there was a serious loss in specie, and the Mexican war had some effect in checking enterprises. These effects, however, were neutralized...
Página 88 - Trust Company in August. This panic came unexpectedly, although prices had been falling for some months. There had been very large railroad building, and the proportion of specie held by banks was very small in proportion to their loans and deposits. One of the features of this period was the great number of failures. The banks generally suspended payments in October. The London panic in 1866 precipitated by the failure of Overend, Guerney & Co., was followed by heavy fall in prices in the Stock...
Página 89 - Judging by the past and by the developments of the last six years, it is not unreasonable to suppose that we may get at least a stock exchange flurry in the next few years.
Página 16 - Something was to be made, therefore, from the fluctuations to which they were liable. Indeed, one of the greatest Broker firms of subsequent years derived its capital from the lucky speculations of its senior member in this currency. "The war of 1812 gave the first genuine impulse to stock speculation.

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