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“The year 1929 is famous as the Titanic of financial disasters. Yet this Titanic didn't sink. The Dow was up for the first nine months that year, fell 39 percent in October-November, then staged a rally and rose in December. If you held stocks from the beginning of 1929 to the end, you made money.
The real Titanic year was 1931, when the Dow lost 53 percent - the bulk of which disappeared in a single month, Black September. Nobody talks about the Crash of '31, though it ranks first in the list of obnoxious periods for U.S. stockholders. Nobody talks about Black September. Everybody talks about the Crash of '29, which comes to mind whenever the bear word is spoken.”
― The Bear Book: Survive and Profit in Ferocious Markets
The real Titanic year was 1931, when the Dow lost 53 percent - the bulk of which disappeared in a single month, Black September. Nobody talks about the Crash of '31, though it ranks first in the list of obnoxious periods for U.S. stockholders. Nobody talks about Black September. Everybody talks about the Crash of '29, which comes to mind whenever the bear word is spoken.”
― The Bear Book: Survive and Profit in Ferocious Markets
