Sitting on a plane is one of my few pleasures as I may finally catch up on reading books. Currently I’m working my way through Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed, and I just had to note this passage

While market averages continued to race up, reaching their peak in September, most individual stocks had hit their highs in late 1928 or at Best in early 1929. Indeed , on September 3, 1929, the day the Dow topped out, only 19 of the 826 stocks on the New York Exchange attained all time highs. Almost a 1/3 had fallen at least 20% from their highest points.

Now I do not know if this is just a personal bias that I’m seeing the similarities between the way markets are performing today, esp Thailand, or what it may be. Just interesting to note things from the past.


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