The stock market crash - and after

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Flight from Bonds to Stocks

Collection:: Economics Books

200 The Stock Market Crash—And After matter of fact, the crucial element in all investments is the value of the dollar. Among several important books which emphasize the important role of changes in the value of the dollar, none has impressed the investing public so profoundly as certain events that gave rise to invest- ment counsel and investment trusts in America, in- cluding especially the publication of Edgar Lawrence Smith's book, Common Stocks as Long-Term Invest- ments (Macmillan). Another excellent book is Kenneth Van Strum’s Investment and Purchasing Power. Stocks vs. Bonds Mr. Smith made about a dozen comparisons to show how the stockholder and bondholder actually fared at different periods. In the various tests, sev- eral different methods of selection were used, but all were calculated to favor bonds rather than stocks. Otherwise the superiority in yield of stocks would have been even more pronounced. But even with the choice of securities favorable to bonds and unfavorable to stocks rather than rep- resentative of both, in only one case does Mr. Smith find an excess of advantage for bonds. This is Test 6, where Boston investors are supposed to have in- vested $10,000 in bonds in 1866, and, at the same time, $10,000 in assorted stocks. When they com- pared notes twenty years later it was found that the total income from stocks was $13,169, and that from the bonds was $12,155, showing a slight excess in

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