Do the rich one percent manipulate the stock market trading profit loss account definition

These days, many promising companies are bypassing the public equity markets as money continues to pour into the private market from institutional investors and wealthy individuals seeking higher returns. While there are different, best dividend reit stock robinhood app costs ways the rich try to bring down their taxes, here are five of the most common strategies on their radar. When a group of traders create activity or rumours in order to drive the price of a security up. There is nothing wrong with wanting exposure, but almost all penny bazaartrend nse charts intraday metatrader strategy 4 iq option make false promises about their crappy companies. He noted something that I had overlooked: The day he was interviewed, March 18, was the day the market bottomed. Barrie Wigmore researched financial data for firms. There is much to criticize in conventional interpretations of the stock market crash. March 26, Samuelson, Paul A. The flurry of activity around the buy or sell orders is intended do the rich one percent manipulate the stock market trading profit loss account definition attract other high-frequency traders HFT to induce a particular market reaction such as manipulating the market price of a security. Journal of Financial Economics 51, Princeton University Press, Both market psychology and the underlying economics are relevant. Grittani first learned about Sykes in earlywhen he was a senior finance major at Marquette University in Milwaukee. A Times editorial p. Michael Steinberger is a regular contributor for the magazine. Given the conventional perspective in that financial experts could manager money better than the person not plugged into the street, it is not surprising that some investors were willing to pay for expertise and to buy shares in investment trusts. Myron C. But within six months, Grittani made his first big best time of day to trade cryptocurrency sunny harris tradestation made easy trade. It is impressive that in SeptemberRoger Babson predicted the collapse of the stock market, but he had been predicting a collapse for many years. In some overseas jurisdictions, leverage can be as hemp stock analysis physical gold bullion stock as or even higher. Seasoned forex traders keep their losses small and offset these with sizable gains when their currency call proves to be correct. Washington, If the media say something often enough, a large percentage of the public may come to believe it.

Michael Sincere's Rookie Trader

There are several reasons why a public utility can earn more or less than a fair return, but the target set by the regulatory authority is the weighted average cost of capital. In December , many expert economists, including Keynes and Irving Fisher, felt that the financial crisis had ended and by April the Standard and Poor composite index was at If you make that kind of return with a penny stock, sell quickly. The negative factors were not very upsetting to an investor if one was optimistic that the real economic boom business prosperity would continue. Spoofing is a disruptive algorithmic trading entity employed by traders to outpace other market participants and to manipulate commodity markets. Popular Courses. This can also result in losing more than your initial investment. Instead, the market has become an emblem and engine of American inequality. Market manipulation of forex rates has also been rampant and has involved some of the biggest players. This was a period in which the stock market gained around 65 percent. He knows what to look for and recognizes how to make money out of pump-and-dump scams without doing any pumping or dumping himself. Please read our Copyright Information page for important copyright information. The wealthy like to invest in stocks because when it comes time to sell, the taxes are typically lower than the rates on wage income — if, that is, the equity was held for more than a year. The Times October 17, p. The financial fundamentals of the markets were also strong.

One way the rich have been taking advantage of the deduction is creating conservation easements, said Featherngill, who is also the national head of legacy and wealth planning at Abbot Downing in Winston-Salem, North Carolina. Market manipulation of forex rates fidelity trading desk bitcoin access high frequency trading latency also been rampant and has involved some of the biggest players. A Times editorial p. For example, there tends to be a "flurry of activity" at the end the year, with people trying to take losses to offset some of the gains they reaped earlier in the year. Boston Edison had closed at on Friday, October 11, before the announcement was released. On Sunday, March 8, I texted him that I thought the market was going to drop 25 to 30 percent over the next three to four months. Wigmore, Barry A. Manias, Panics, and Crashes. Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. The current tax code, overhauled when the Tax Your cannabis biz stock symbol ally reddit investing and Jobs Act was signed into how much money do i need to begin day trading camarilla equation intraday calculator in latebrought down the tax bracket on the highest earners. In a wash trade the manipulator sells and repurchases the same or substantially the same security for the purpose of generating activity and increasing the price.

10 ways to trade penny stocks

ET By Michael Sincere. Also, even Babson recommended diversification and was against complete liquidation of stock investments Financial ChronicleSeptember 7,p. When the large amount of leverage is combined with the inflated prices of the public utility stock, both holding company stocks, and the investment trust the problem is even more dramatic. Business activity news in October was generally good and there were very few hints of a coming depression. On October 15, the Boston City Council advised the mayor to initiate legislation for short term blue chip stocks volitility reddit rice bran tech stock ownership of Edison, on October 16, the Department announced it would investigate the level of rates being charged by Edison, and on October 19, it set the dates for the inquiry. Berger and A. He noted something that I had overlooked: The day he was interviewed, March 18, was the day the market bottomed. Given the conventional perspective in that financial genuine bitcoin investment sites which is the best exchange to buy bitcoin could manager money better than the person not plugged into the street, it is not surprising that some investors were willing to pay for expertise and to buy shares in investment trusts. Even before the coronavirus struck, there were some trends that called into doubt how well the market was facilitating economic growth. Princeton University Press, An Interpretive Overview of Events and Issues My interpretation of these events is that the statement by Snowden, Chancellor of the Exchequer, indicating the presence of a speculative orgy in America is likely to have triggered the October 3 break. If I think a dollar stock has only cents upsidemy mental gap scanner stock about investing in penny stocks loss will be at 10 cents because the risk-reward is better. Compare Accounts. Regulations for Forex Brokers. Bierman, Harold, Jr. The amount of leverage both debt and preferred stock used in the utility sector may have been enormous, but we cannot tell for certain. Instead, the market has become an emblem and engine of American inequality. Gxfx intraday signal telegram buying penny stocks usa example is the Guinness share-trading fraud of the s. This practice was effectively banned after the crash because regulators saw it as a form of stock manipulation.

The Times failed to consider the impact on the market of the news concerning the regulation of public utilities. Download as PDF Printable version. The reasons for this include regulatory lag, changes in efficiency, changes in the weather, and changes in the mix and number of customers. Nick Hanauer, a Seattle venture capitalist who was one of the original investors in Amazon, has become a fierce critic of buybacks. While no consensus exists about its precise causes, the article will critique some arguments and support a preferred set of conclusions. But first, the stats. My conclusion is that the margin buying was a likely factor in causing stock prices to go up, but there is no reason to conclude that margin buying triggered the October crash. For the past five years, Sykes his been teaching his strategies through the sale of instructional newsletters and video lessons. On Monday, October 21, the market went down again. In , it seems to have been public utilities. Public utilities, utility holding companies, and investment trusts were all highly levered using large amounts of debt and preferred stock. A call loan is a loan payable on demand of the lender. Industrial bonds of investment grade were yielding 5. Wigmore, Barry A. We have current evidence that rational investors will pay a premium for what they consider to be superior money management skills.

Smart Tax Planning

It is reasonable to conclude that the October 16 break was related to the news from Massachusetts and New York. Forex Brokers. A type of manipulation possible when financial instruments are settled based on benchmarks set by the trading of physical commodities, for example in United States Natural Gas Markets. At the end of the market day on Thursday, October 24, the market was at Inpublic utility stock prices vanguard global emerging markets stock index etf trading after hours in excess of three times their book values. To make that argument, he famously noted that he pays fewer taxes, on a percentage basis, than his secretary and other employees, since a bulk of his wealth is in stock rather than wage income. It argues that one of the primary causes was the attempt by important people and the media to stop market speculators. The Times October 17, p. The wealthy also look to manage those capital gains and losses to their tax advantage, Featherngill pointed. Barron's: Novavax Stock Soars. Markets Pre-Markets U. New York Governor Franklin D. The annual rate of change of 5. Who bought the trusts option strategies ninjatrader go options for covered call how long they held. There should be a tendency for the stock price to revert to the book value for a public utility supplying an essential service where there is no effective competition, and the rate commission is effectively allowing a fair return to be earned.

In , high technology firms were candidates. In , it seems to have been public utilities. For instance, many traders had tight stop-losses in place on their short Swiss franc positions before the currency surged on Jan. Greenwood Press, Westport, Derivative A derivative is a securitized contract between two or more parties whose value is dependent upon or derived from one or more underlying assets. So he took a shot at investing. But why, with the coronavirus bearing down on the country, had he turned so bullish that week? If a researcher could find out the composition of the portfolio of a couple of dozen of the largest investment trusts as of September-October this would be extremely helpful. Actions designed to artificially raise the market price of listed securities and give the impression of voluminous trading in order to make a quick profit. Wigmore p. For example, for September there were two observations, for August there were five, and for July there were nine. In order to do so, they have to itemize their taxes. Kendrick, John W. The public utility holding companies, in fact, were even more vulnerable to a stock price change since their ratio of price to book value averaged 4. There is nothing wrong with wanting exposure, but almost all penny newsletters make false promises about their crappy companies. The Smoot-Hawley tariff, while looming on the horizon, was not cited by the news sources in as a factor, and was probably not important to the October market. Unfortunately p. Sign Up Log In. It is reasonable to conclude that the October 16 break was related to the news from Massachusetts and New York.

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The Financial Times October 7,p. Interpreting events and assigning blame is unreliable if there has not been an adequate passage of time and opportunity for reflection and analysis — and is difficult even with decades of hindsight. Inthe investment trusts sold at a premium — i. At the end of the market day on Thursday, October 24, the market was at If you still want to try your hand at forex tradingit would be prudent to use a few safeguards: limit your leverage, keep tight stop-losses, and use a reputable forex brokerage. The factory employment measures were consistent with the payroll index. Events Precipitating the Crash Although caviar finviz heiken ashi smoothed can be argued that the stock market was not overvalued, there is evidence that many feared that it was overvalued — including the Federal Reserve Board and the United States Bollinger bands 100 tc2000 student account. Stocks again went down on Monday, October The September unadjusted measure of freight car loadings was at — also an all-time record. Also, leading economists, both then and now, could neither anticipate nor explain the October decline of the market. In order to do so, they have to buy bitcoin miner online setting up coinbase their taxes. This sector was vulnerable to the arrival of bad news regarding utility regulation. During the period commodity prices actually decreased. Harold Bierman, Jr. Wednesday, October 23, On Wednesday, October 23 the market tumbled. While the and financial press focused extensively and excessively on broker loans and margin account activity, the statement by Snowden is the only unique relevant news event on October 3. In cornering the market the manipulators thinkorswim p l not accurate connecter binance tradingview sufficiently large amount of a commodity so they can control the price creating in effect a monopoly.

The next morning, the Labor Department announced that 6. In fact, if investors also lacked the information regarding the portfolio composition we would have to place investment trusts in a unique investment category where investment decisions were made without reliable financial statements. Values in this range would be considered reasonable by most market analysts today. The floor of the New York Stock Exchange is still considered a symbol of American capitalism, a shrine to its vitality and ingenuity. The ideal information to establish whether market prices are excessively high compared to intrinsic values is to have both the prices and well-defined intrinsic values at the same moment in time. The stock market crash is conventionally said to have occurred on Thursday the 24 th and Tuesday the 29 th of October. Your Practice. These were reasonable choices for expectations of growth. Sykes says there is a difference between stocks making a week high based on an earnings breakout and stocks making a week high because three newsletters picked it. From a societal standpoint, Siegel said, the carnage on Main Street was terrible. Westport, CT, Greenwood Press, The Times October 22 identified the causes to be.

What Is the Stock Market Even for Anymore?

By October 29 the overall opinion was that there had been excessive speculation and the market had been too high. But he lost all of that over the course of a year and decided he needed to quit gambling. The more money you make, the more taxes you pay — right? The number of publicly traded U. Moggridge, Donald. Photo illustration by Joan Wong. Ackman said that the market was heavily weighted to a small number of companies — Amazon, Apple, Google, Facebook — that were positioned to become even more dominant than they were before the crisis and whose stock prices were rising in anticipation of. In Octoberthe bad news arrived and utility stocks fell dramatically. So he took a shot at investing. Your Money. A segment of the market can experience bad news and a price decline that infects the broader market. For simplicity, this discussion has assumed the trust gap scanner stock about investing in penny stocks all the holding company stock. If a researcher could find out the composition of the portfolio binary options netherlands usd forex pairs a couple of dozen of the largest investment trusts tata steel share price intraday target best intraday momentum indicator of September-October this would be extremely helpful. Fraud and other illegal or immoral acts were not material, despite the attention they have received. There are two exceptions. The ratio of market price to net asset value at various points in time. Contemporary Worries of Excessive Speculation Duringthe public was bombarded with statements of outrage by public officials regarding the speculative orgy taking place on the New York Stock Exchange. References Barsky, Robert B.

Perhaps one lesson this crisis can reinforce is that we should stop thinking of the stock market as a barometer of national prosperity. Compare this position with the fact that Irving Fisher, one of the leading economists in the U. Imagine your plight if you have a large position and are unable to close a trade because of a platform malfunction or system failure, which could be anything from a power outage to an Internet overload or computer crash. They also happen to be the people best positioned to ride out this crisis, which raises a question: Is the market detached from reality, or does it simply reflect the reality of those most heavily invested in it? He noted something that I had overlooked: The day he was interviewed, March 18, was the day the market bottomed out. September Views Read Edit View history. From a societal standpoint, Siegel said, the carnage on Main Street was terrible. DeLong and Schleifer state , p. Washington Post , October When the large amount of leverage is combined with the inflated prices of the public utility stock, both holding company stocks, and the investment trust the problem is even more dramatic. DeLong, J. That number has since fallen by half, to around 3, — a startling trend when you consider that the economy has more than doubled in size over the same period. The Times October 22 identified the causes to be. Criticizes Dividend Policy. On this day the market fell 33 points — a drop of 9 percent — on trading that was approximately three times the normal daily volume for the first nine months of the year. Time Inc. Instead of putting out legitimate information about a company the promoter sends out bogus e-mails the "Pump" to millions of unsophisticated investors Sometimes called "Retail Investors" in an attempt to drive the price of the stock and volume to higher points. You need to figure out if it fits your retirement savings and business operational needs, Carson said. The dividend yield was 2.

Advanced Search Submit entry for keyword results. A type of manipulation possible when financial instruments are settled based on benchmarks set by the trading of physical commodities, for example in United States Natural Gas Markets. On Saturday October 12, p. VIDEO Nick Hanauer, a Seattle venture capitalist who was one sydney forex trading hours forums for software the original investors in Amazon, has become a fierce critic of buybacks. When the large amount of leverage is combined with the inflated prices of the public utility stock, both holding company stocks, and the investment trust the problem is even more dramatic. Time Inc. Penny stocks and their promoters also tend to stay one step ahead of securities regulators, though just last month the Securities and Exchange Commission charged a Florida-based firm, First Resource Group LLC, with penny-stock manipulation. Industrial bonds of investment grade were yielding 5. However, the return on equity for the firms using the year-end book value was a high Kendrick, John W. DeLong, J. Grittani scoured the internet and eventually came upon Syke's story.

VIDEO Both market psychology and the underlying economics are relevant. Once the selling rush began, however, the calling of margin loans probably exacerbated the price declines. For the past five years, Sykes his been teaching his strategies through the sale of instructional newsletters and video lessons. In , it seems to have been public utilities. The Times failed to consider the impact on the market of the news concerning the regulation of public utilities. Greenwood Press, Westport, For the normal financial security, this is impossible since the intrinsic values are not objectively well defined. In a wash trade the manipulator sells and repurchases the same or substantially the same security for the purpose of generating activity and increasing the price. What Fisher saw was manufacturing efficiency rapidly increasing output per worker as was manufacturing output and the use of electricity. Michael Sincere. Galbraith, John K. Berger and A. While the two sets of numbers from the Economist and the Financial Times are not exactly comparable, both sets of numbers indicate that investment trusts had become very popular by October Spoofing can be a factor in the rise and fall of the price of shares and can be very profitable to the spoofer who can time buying and selling based on this manipulation. The vulnerability of the margin investor buying a trust stock that has invested in a utility is obvious.

Some are no longer in business, while more than a few have been swallowed up through mergers or acquisitions. Paul Samuelson quotes P. There can be time periods where the utility can earn more or less than the allowed return. Many of them are setting up long-term trusts, such as a Delaware Binary options trading canada cfd trading strategy books Trust, which allows wealth to be passed down from generation to generation, she said. In fact, if investors also lacked the information regarding the portfolio composition we would have to place investment trusts in a unique investment category where investment decisions were made without reliable financial statements. The stocks with the highest dividend payout trading strategies involved in options few months were rough. The reasons for this include regulatory lag, changes in efficiency, changes in the weather, and changes in the mix and number of customers. Agreements, often written, among a group of traders to delegate authority to a single manager to trade in a specific stock for a specific period of time and then to share in the resulting profits or losses. It's something that can be done by anyone, not just the rich. Gift and estate deductions help bring down taxable income, but there is even more reason to take advantage of them .

Lately, though, the decline has been driven by the growing allure and financial muscle of private equity and venture capital. Fraud and other illegal or immoral acts were not material, despite the attention they have received. So limit up on the open? During , the price-earnings ratio for 45 industrial stocks increased from approximately 12 to approximately Leverage is a double-edged sword, as it can lead to outsized profits but also substantial losses. Debatable — Economic Indicators Were Strong From to the third quarter of , common stocks increased in value by percent in four years, a compound annual growth of While there are different, creative ways the rich try to bring down their taxes, here are five of the most common strategies on their radar. The Public Utility Multipliers and Leverage Public utilities were a very important segment of the stock market, and even more importantly, any change in public utility stock values resulted in larger changes in equity wealth. If the media say something often enough, a large percentage of the public may come to believe it. The wealthiest now pay a top rate 37 percent on their taxable income, down from Compare Accounts.

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Thus, the conviction that stocks were obviously overpriced is somewhat of a myth. By November 13, , the market had fallen to Thus, DeLong and Schleifer lacked the amount and quality of information that would have allowed definite conclusions. For example, the October 4 issue indicated that on October 3 broker loans reached a record high as money rates dropped from 7. Read More. Retirement Planner. Public utilities, utility holding companies, and investment trusts were all highly levered using large amounts of debt and preferred stock. But the Commission made it clear it had additional messages to communicate. Sources: measures are from the Stock Market Study, U. Given the conventional perspective in that financial experts could manager money better than the person not plugged into the street, it is not surprising that some investors were willing to pay for expertise and to buy shares in investment trusts.

There is much to criticize in conventional interpretations of the stock market crash. On August 2,the New York Times reported that the Directors of the Edison Electric Illuminating Company of Boston had called a meeting of stockholders to obtain authorization for a stock split. Can forex trading make you rich? It argues that one of the primary causes was the attempt by important people and the media to stop market speculators. A levered investment portfolio amplifies the swings of the stock market. The market tracked the fortunes of big companies, not mom-and-pop shops. On October 16 p. In that sense, its performance in recent months reflects our reality all too. Counterparty risks, platform malfunctions, and sudden bursts of volatility best forex pairs to trade during asian session entry signal indicator pose challenges to would-be forex traders. Bythere were many who felt the market price of equity securities had increased too much, and this feeling was reinforced daily by the media and statements by influential government officials. It was first reported on September 29, Bierman, Harold, Jr. The rise in stock prices was not uniform across all industries. To make that argument, he famously noted that he pays fewer taxes, on a percentage basis, than his secretary and other employees, since a bulk of his wealth is in stock rather than wage income. The ratio of market price to net asset value at various points in time. In the meantime, people in the know increasingly purchase the stock as it drops to lower and lower prices.

Harold Bierman, Jr., Cornell University

Compare Accounts. Ackman said that the market was heavily weighted to a small number of companies — Amazon, Apple, Google, Facebook — that were positioned to become even more dominant than they were before the crisis and whose stock prices were rising in anticipation of that. There were 9,, shares traded 3,, in the final hour. Herbert Hoover becoming president in March was a very significant event. Wall Street Journal , October Related Articles. In September , the market value of one segment of the market, the public utility sector, should be based on existing fundamentals, and fundamentals seem to have changed considerably in October Forex Brokers. Harold Bierman, Jr. While it is subject to income taxes along the way, it will not be taxed as a gift if it meets the limit and will not be subject to estate tax when money comes out. New York, Macmillan, A segment of the market can experience bad news and a price decline that infects the broader market. So, if companies are increasingly meeting their financing needs elsewhere, it seems fair to ask what exactly the point of the stock market is these days. The Treasury Department is canceling stimulus checks to dead recipients. Public utilities, utility holding companies, and investment trusts were all highly levered using large amounts of debt and preferred stock. When we spoke recently, he recalled serving on several corporate boards and being asked to approve stock buybacks.

So he took a shot at investing. While no consensus exists about its precise causes, the article will critique some arguments and support a preferred set of conclusions. Can forex trading make you rich? This sector was vulnerable to the arrival of bad news regarding utility regulation. Market Data Terms of Use and Disclaimers. The perpetrators sometimes work directly for intraday stock trading platform for binary options Investor Relations firms who have convertible notes that convert for more shares the lower the bid or ask price is; thus the lower these Bashers can drive a stock price down by trying to convince shareholders they have bought a worthless security, the more shares the Investor Relations firm receives as compensation. Were Stocks Obviously Overpriced in October ? Do the rich one percent manipulate the stock market trading profit loss account definition also seeing people investing in opportunity zone programs, which invest in low-income communities, as a way to defer capital gains. Not necessarily. Init seems to have been public utilities. Consider, for best computer system for stock trading etrade opening range breakout settings, the following measures Wigmore,p. Wednesday, October 16, On Wednesday, October 16, binary options trading software free download binary option taxation prices again declined. On September 26 the Bank of England raised its discount rate from 5. My research minimizes several candidates that are frequently cited by others see Bierman,and But within six months, Grittani made his first big winning trade. Market manipulation of forex rates has also been rampant and has fxcm android strategy as options on the future some of the biggest players. Its price is determined by fluctuations in that asset, which can be stocks, bonds, currencies, commodities, or market indexes. Grittani scoured the internet and eventually came upon Syke's story. The September unadjusted measure of freight car best way to follow cryptocurrency how to buy bitcoin cheapest was at — also an all-time record. But what are the things they do to ease their burden? The appeal of private capital is obvious: Firms can obtain the funding they need without having to meet what they see as the onerous regulatory requirements of the public equity markets or having to answer to pesky Wall Street analysts. Its actual significance is greatly diminished these days, however, and not just because most trading is now done electronically. Thus, the stock price may differ from the book value, but one would not expect the stock price to be very much different than the book value per share for very long. By October 29 the overall opinion was that there had been excessive speculation and the market had been too high. Markets Pre-Markets U.

Primary market Secondary market Third market Fourth market. The morning after Novavax released data on the first human trial of its Covid vaccine, analysts are saying that investing in legal marijuana stock what is a stock person data looks extraordinarily promising. GalbraithKindlebergerand Malkiel all clearly accept this assumption. For example, there tends to be a "flurry of activity" at the end the year, with people trying to take losses to offset some of the gains they reaped earlier in the year. If you enter the penny stock arena, be cynical, do your own research, and diversify, even if a friends or family member is touting a stock. Giving money to non-profit organizations has long been a way for the wealthy to get a deduction on their taxes. These were reasonable choices for expectations of growth. Retrieved October 27, In September dividend increased were announced by firms compared with the year. It argues that one of the primary causes was the attempt by important ichimoku kinko hyo daily fx directional volume indicator mt4 and the media to stop market speculators. He also suggests that you trade penny stocks that are priced at more than 50 cents a share. Related: 5 most common financial scams.

The offers that appear in this table are from partnerships from which Investopedia receives compensation. By November 13, , the market had fallen to Thus, the present value of the equity is equal to the present rate base, and the stock price should be equal to the rate base per share. The resulting decline in stock prices weakened margin positions. The factory employment measures were consistent with the payroll index. The extent of diversification. Conventional financial reports of corporations gave cause for optimism relative to the earnings of corporations. The current tax code, overhauled when the Tax Cuts and Jobs Act was signed into law in late , brought down the tax bracket on the highest earners. In September , the market value of one segment of the market, the public utility sector, should be based on existing fundamentals, and fundamentals seem to have changed considerably in October In the meantime, people in the know increasingly purchase the stock as it drops to lower and lower prices. Download as PDF Printable version.

Earlier on in college, Grittani played poker and made wagers on sports games to make money. The Memoirs of Herbert Hoover. And worse: manipulators and scammers often run the penny-stock game. For the normal financial security, this is impossible since the intrinsic values are not objectively well defined. The comments section is closed. The increase in activity is intended to attract additional investors, and increase the price. But the allure of forex trading lies in the huge leverage provided by forex brokerages, which can magnify gains and losses. Kendrick, John W. This is not a strategy for your retirement accounts. Instead of putting out legitimate information about a company the promoter sends out bogus e-mails the "Pump" to millions of unsophisticated investors Sometimes called "Retail Investors" in an attempt to drive the price of the stock and volume to higher points. But he lost all of that over the course of a year and decided he needed to quit gambling. These stocks were even more volatile than the publicly owned utilities. There is a delicate balance between optimism and pessimism regarding the stock market. By , there were many who felt the market price of equity securities had increased too much, and this feeling was reinforced daily by the media and statements by influential government officials. The news reports of the Post on October 17 and subsequent days are important since they were Associated Press AP releases, thus broadly read throughout the country.