If the stock market didn’t experience ups and downs, it wouldn’t be THE STOCK MARKET—the daytime adventure series of the wealthy. Anyone in a boardroom with even a passing interest in Wall Street legend has heard of J. P. Morgan the Elder’s answer to a foolish acquaintance who dared to ask the great man what the market was going to do.
It will fluctuate, Morgan said sarcastically. And it has a lot of other distinguishing features. Aside from the economic benefits and drawbacks of stock exchanges—for example, the benefit of allowing free capital flow to finance industrial expansion and the drawback of giving the unlucky, the careless, and the credulous an easy way to lose money—their development has produced a whole pattern of social behaviour, complete with traditions, a common language, and predictable responses to specific events.
The speed at which this pattern fully developed after the founding of the first significant stock exchange in the world, a roofless courtyard in Amsterdam, in 1611, and the extent to which it persists (with variations, it is true) on the New York Stock Exchange in the 1960s, are what truly stand out.
PDF Name: Business Adventures PDF Book
No. of Pages: 232
PDF Size: 2 MB