Oct.29.1929 - The Black Friday

zxnk

DOW 1921 at 75, Peaked in 1929 at 381 and within weeks, plummented to below 200

Ben Graham (Buffett's teacher) thought what he bought is cheap and still holding

Because the market calmed, then rallied slightly at the end of 1929, many investors
believed that they had seen the worst.
Ben's joint account lost 20%

In 1930, Ben traveled to FL, met with a 93 year old John Dix, who asked Ben
to sell all securities, pay off the debts and return the capital.
Ben thought the guy is dotage.

By 1932, Ben lost 70% of value of the joint account.

巴菲特这节课应该是学的最好的。