Why gentlemen prefer bonds: the 1929 stock market crash

“Gentlemen prefer bonds,” said Andrew Mellon (1855-1937), wealthy American financier, banker, and U.S. Treasury Secretary. Commons shares, or stock, were considered too speculative for gentlemen; best left to disreputable speculators. Had more investors heeded Mellon’s advice, the horrendous stock market crash of October 1929, which ushered in the Great Depression of the 1930s, would likely have […]