Important Updates for Investors
Carla Pasternak's Premiere Issue of High-Yield International Just
Released
Income expert Carla Pasternak's debut issue of High-Yield
International covers a Taiwanese manufacturer yielding 9.5%... a
rare Mexican monopoly yielding 13.4%... and other top-performing
investments yielding up to 19.0%.
Government's Biofuel Timetable Could Spell +15,900% Growth
+15,900% growth might seem far-fetched... but it's not. In fact, it
is mandated by law. And I've identified the ONLY stock positioned to
capture this growth.
The
Silver Lining to a Falling Dollar
Despite the U.S. national debt, there is a silver lining for income
investors. This massive spending, combined with movement out of U.S.
Treasuries, is going to take its toll on the dollar, and
international income investors could reap the rewards in the form of
higher dividends. |
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| Black
Thursday |
What It Is:
Black Thursday refers to October 24, 1929, when panicked sellers traded nearly
13 million shares on the New York Stock Exchange (more than three times the
normal volume at the time), and investors suffered $5 billion in losses.
How It Works/Example:
The years preceding Black Thursday were filled with irrational exuberance. Stock
prices had risen across the board, even for companies that posted little profit,
and investors were very optimistic that the general upward trend of the market
and the economy would continue for some time.
The Dow Jones Industrial Average nearly doubled, rising from 191 in early 1928
to 381 by September 3, 1929. Prices began falling slightly but steadily, as
investors began to take profits. Many were not sure what to make of
the slide, and Irving Fisher, a well-known economist at the time, dismissed it
as nothing serious
Then on October 10, 1929, the Dow Jones Industrial Average closed above 350 for
the first time in ten trading days. This respite sparked profit taking, and the
Dow Jones Industrial Average began falling again amid the selling. The selling
became intense on Wednesday, October 23, and the market fell 6.3%. By October
24, Black Thursday, the selling frenzy reached a critical mass and turned to
flat-out panic. The trading volume got so high that it delayed the ticker tape
by over an hour, which created confusion and anxiety. Some exchanges were so
overwhelmed that they closed early. The Dow Jones Industrial Average closed at
299.27 that day.
Black Thursday is often associated with stories of investors and traders jumping
out of windows after losing everything. However, not all was lost: Black
Thursday actually included an afternoon rally that started when Richard Whitey,
then head of the New York Stock Exchange, calmly began buying shares of U.S.
Steel and other companies. His confidence encouraged others to begin buying.
This did little more than temporarily stem the tide because from Black
Thursday to October 29, 1929, Black Tuesday, stocks still lost over $26 billion
of value and over 30 million shares traded. After this dismal week, prices
continued to fall, wiping out an estimated $30 billion in stock values by
mid-November 1929.
The days surrounding Black Thursday were especially painful for investors who
had borrowed money to purchase stocks that had become worthless or close to it.
The situation influenced what became a major turning point for the American
economy, because many of these borrowers, who had leveraged themselves
considerably in an effort to participate in the bull market, were ruined
financially. They had to sell everything to pay back their debts, and many
couldn’t pay them back at all. Thousands of banks failed as a result.
Businesses closed, as they were unable to get credit, and the nation’s
disposable income fell precipitously.
Why It Matters:
Historians often cite Black Thursday as one of the triggers of the Great
Depression because it marked not only the end of one of the nation’s greatest
bull markets, but the end of widespread optimism and confidence in the U.S.
economy. Many investors had equated the health of the stock market with the
health of the economy, but the capitulation on Black Thursday challenged this
premise. As with many market reversals, the causes are numerous, intertwined,
and controversial. For example, many cite the September 1929 passage of the
Smoot-Hawley Tariff Act, which placed high taxes on many imported items, as a
major contributor to the market’s instability. Others note the huge amount of
leverage investors had used to buy stocks, and some cite the scandal-ridden
recall of British funds invested in the U.S. and the September 26 spike in the
Bank of England’s discount rate. Regardless, investors no longer regarded high
corporate profits and dividends, high wages, readily available bank debt, a
booming auto industry, and a relative lack of stock market regulation solely as
signs of better days ahead. They began to see them as signs of market ready for
reversal.
Besides the dramatic effect on investor psychology, the events of Black Thursday
contributed to the creation of a variety of new laws, organizations, and
programs designed to improve the country’s infrastructure, further social
welfare, and prevent corporate fraud and abuses. These included the
establishment of the Federal Depository Insurance Corporation and the passage of
the Securities Act of 1933, the Glass-Steagall Act of 1933, the Securities and
Exchange Act of 1934, and the Public Utility Holding Act of 1935. The panic
caused by information delays also spawned faster ticker systems that could
handle heavy trading days.
Although Black Thursday is still considered a terrible day for the stock market,
it was actually the first in a series of bad days culminating on October 29,
1929, Black Tuesday, which was an even worse day in the history of the New
York Stock Exchange. On that day, the Dow Jones Industrial Average fell to 230
and over 16 million shares traded.
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