The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. Changed Ratio of Prices to Earnings

Collection:: Economics Books

CHAPTER VI CHANGED RATIO OF PRICES TO EARNINGS ARE the conclusions of the preceding chapter, with respect to the increased rate of plowed-back earnings, stated with too great optimism? One friend, who is an authority on prices and earn- ings, fears that I have put myself “in the posi- tion of one who is trying to talk the stock market up from the current level—trying to prove that prices should go higher.” Another friend also feels that my presentation looks like “making out a case” for the one point of view; that it does not give due weight to counterbalancing considerations. Still another puts in a cautioning word that there is “some evidence that recent stock splits and so on, had been tending to reduce the proportion of earn- ings ‘plowed-in.'” All these friends are qualified experts. Their divergent and sometimes conflicting opinions have been carefully weighed. Whether I am oversanguine with respect to the retention of the present plateau of stock prices—and by this I do not necessarily mean a return to the peak of September, 1929—it is a fact that my original estimates of the proper height of this plateau have undergone some modification. A well-known expert d.

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