As recently as September 1955, when the market plummeted nearly 32 points for a loss of $14 billion in values on the news of President Eisenhower’s heart attack, we had dramatic evidence that the market does not have absolute control of its nerves. And, by contrast, in December 1957, the market recovered in a few hours the losses occasioned by momentary alarm over the President’s cerebral occlusion.


The motivations of buyers and sellers are not well enough understood for any very precise theory about their financial decisions to be constructed around them. All of them concerned with the hard information that presumably influences investors with some recognition of the emotionalism that is also involved.

Pondering the past and scrutinizing the present, investors — professional and nonprofessional alike — seek signs and portents which will affect their financial decisions and predict the impact of tomorrow on their fortunes.

Much of it — make no mistake — is extremely useful.

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