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by bionsystem
1242 days ago
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I read a few books on early 20th century finance and trading last years, some stories are quite fascinating to say the least. I really like this period of time, everything both in the economy and finance / stocks was quite reckless, it still is today of course but it was on a whole other level with bucket shops, insider trading, fake tips, etc. This work is interesting because few people were really doing charts at the time. Prices were recorded as quotes (price+volume) on a "tape" and most people would just read numbers. "Indices" would barely exist and people would construct their own with a poor understanding of how to weight companies in an average (most averages were weighted by stock prices, instead of market capitalisation). And people would talk in $ moves a lot instead of %, meaning that for a lot of people gaining $1 on a $30 stock would be the same as gaining $1 on a $100 stock. |
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