There are, according to the Hoover Economic Survey (see p. 75) some 17 million U. S. citizens engaged in playing the Stock Market. Most of these investors are new, small, ignorant. They speculate to double their capital rather than invest to get a steady increase. They are motivated by faith.
Nor have they much chance of becoming intelligently informed. Financial literature is usually written for financiers only. A corporate announcement concerning the issue of 20 million dollars in 4½% convertible debentures makes little sense to the simple soul who is merely looking for a good aero stock. Neither are the standard financial...
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