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Passion for RealityThe Extraordinary Life of the Investing Pioneer Paul Cabot$
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Michael Yogg

Print publication date: 2014

Print ISBN-13: 9780231167468

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231167468.001.0001

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The Crash, the Depression, and State Street’s Response

The Crash, the Depression, and State Street’s Response

Chapter:
(p.49) 3 The Crash, the Depression, and State Street’s Response
Source:
Passion for Reality
Author(s):

Michael R. Yogg

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231167468.003.0003

This chapter analyzes the response of the State Street Investment Corporation (SSIC) to the stock market crash. The SSIC partners had played the 1928 market very well. At times, they had bought on margin, but whenever they had thought the market was too high, they had raised cash. At the turn of 1929, while their sense of valuation and history led them to expect a “correction” or a “short-term opportunity,” they were not ready for a crash. The stock market followed a volatile downward course between early September and late October of that year—an unforeseen crash that they would casually and conservatively endure. Barely a month later, and despite being affected by the business recession that could later turn into a depression, SSIC resumed operations with renewed morale. The rationale behind the SSIC re-operation was that it remained flexible enough to continually reevaluate decisions and to reverse course whenever it made a bad one.

Keywords:   State Street Investment Corporation, SSIC, 1928 market, valuation sense, short-term opportunity, stock market, stock market crash

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