It is hard to realize that little over thirty years ago, Dow was presenting a radically novel idea, when he showed that beneath the fluctuations in individual stocks there was present at all times a trend of the market as a whole. Until then people who thought about such matters at all generally assumed that fluctuations in the prices of stocks were individual and unrelated, dependent entirely on the circumstances of the particular company and the current attitutde of those speculators who chose to trade in each particular stock.
Hugh Bancroft (May 21, 1932)
No comments:
Post a Comment