The Hazards of Asset Allocation in a Late-Stage Major Bubble

ExxonMobil, formerly Standard Oil of New Jersey, was removed from the DJIA, but Chevron, formerly Standard Oil of California, will remain.

December 31, 1929, press statement of Treasury Secretary Andrew W. Mellon trying to assuage fears that the shock of the crash and the subsequent downturn in the economy would last.

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"The environment today is not entirely dissimilar from the early 1930s, the last time a demand shock of a similar magnitude occurred."

Economic Crisis and Political Disorder after the Panic of 1837

Our thoughts on a novel way some news coverage has displayed unemployment.

There have been five major bear markets in the S&P since the Depression, with each one experiencing rallies along the way that turned out to be false dawns.

In the autumn of 1910, the press in China began to report that a rare and deadly pneumonic plague had reached Harbin in the extreme Northeast of China, then known as Manchuria.

How creative artists in the 18th. and 19th. centuries adapted to the vast economic and social changes that occured around them during the greatest era of musical composition. A novel cross-disciplinary arena between music and economic history.

25 years ago: February 1995

50 years ago: February 1970

100 years ago: February 1920

200 years ago: February 1820

In the years shortly before and following the great crash of 1929 most market participants failed to grasp the full scale and length of the unfolding depression. Capitulation finally came after 1932, when the DJIA closed at its lowest level of the 20th century.

"Currency competition provided a stable monetary standard in those Swiss cantons that deregulated their financial systems after liberal revolutions in the 1830s and 40s."

Founded in 1917 in Philadelphia, Pennsylvania, Direct Drive Motor Car Company built automobiles under the brand Champion. In 1923 the Company was renamed as the Champion Motors Corporation (between 1908 and 1923 there were three car brands in the US with the same name).