“Brokerage commissions are the primary reason for the existence of the organised stock exchanges; without the brokerage commission, there will be no Wall Street casino.”
“…dividend or no dividend, the stock of the corporation will continue to be traded in the market. And the truth of the matter: it will be traded largely on the basis of the buyer’s estimate of how much he may subsequently sell it for. This is speculation, this is the gamble.”
“Business is one thing; stocks are another. As I had seen, an industry or a corporation can boom while its stock busts, and it is possible, as far as I could tell, that the same thing could happen in reverse.”
“A share of stock, whatever the relationship it may have to the corporation that issues it or the industry that it ......