Three-quarters of the approximately six hundred studied were active for a period of less than two years, which included twenty months of revival and expansion, as the period covered was from January 1934 to December 1937. The evidence seemed to confirm earlier research by the same economist, which showed that many traders had insufficient capital, were guilty of overbuying and excessive borrowing, made poor selections as to individual securities, and lacked patience. In fact, the conclusion was reached that analysis of the incidence of overhead costs should have deterred market dealings. If this study had been prepared by the investment company industry as selling literature, little could have been added to stress the mischief of stock trading on small capital.

These remarks of Bernard Baruch’s about the hopelessness of trying to “beat the market” need no further comment, except to point out that he was writing at a time when income taxes and commissions ate up a much smaller part of the gross profit: “If you are ready and able to give up everything else”to study the whole history and background of the market and all of the principal companies whose stocks are on the board as carefully as a medical student studies anatomy, to glue your nose to the tape at the opening of every day of the year and never take it off until night”if you can do all that, and, in addition, you have the cool nerves of a great gambler, the sixth sense of a kind of clairvoyant, and the courage of a lion, you have a Chinaman’s chance.” The foregoing observations may appear to refer to individuals only, but the investor can also judge the trading of an investment company by its turnover, i.

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Natural Gas Futures Rise a 2nd Day as U.S. Production Declines – Bloomberg
March 20 (Bloomberg) — Natural gas futures rose for a second day in New York on speculation declining exploration will reduce supplies and boost prices later this year. The number of gas rigs operating in the U.S. has dropped 47 percent to 857 as of

Nominee to head Commodity futures trading Commission wins OK from – Los Angeles Times
WASHINGTON (AP) — President Barack Obama’s choice to head the commodity futures Trading Commission, a nomination which raised concern among some lawmakers, cleared a hurdle toward Senate confirmation on Monday. The Senate Agriculture Committee

U.S. regulator probing “rampant Ponzimonium” – Reuters
BOSTON (Reuters) – Hundreds of people in the United States are under investigation for financial scams, many involving Ponzi schemes, a U.S. regulator said on Friday, calling the phenomenon “rampant Ponzimonium.” While none are as mammoth as

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Federal Court Order Freezes Assets Of Illinois Commodity Pool Operator – CattleNetwork.com
Washington, DC – The U.S. Commodity futures trading Commission (CFTC) announced today that it obtained a federal court order freezing the assets and prohibiting the destruction of documents of a Barrington, Illinois commodity pool operator

Iowa: Iowa pension fund has $339 million in assets frozen – Dubuque Telegraph Herald
DES MOINES (AP) — Iowa’s largest public employee pension fund says $339 million in assets have been frozen pending a federal investigation into an investment broker-dealer it had ties to. The Iowa Public Employees Retirement System said the move

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The postwar boom was beginning. Money was plentiful, goods were scarce, and the inflationary pressures were building. For thirteen months, from January, 1946, to February, 1947, the Board held the margin requirement at 100 per cent. At lower rates, margin buying becomes quite attractive. If you had had your $4,500 to invest during the 40-per cent period, you could have borrowed the other 60 per cent” $6,750”and acquired 225 shares of $50 stock, instead of 90. On a $2 return, your dividends would be $450 a year, rather than $180.

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