During the stock market crash of 1929, the Dow Jones industrial average index plunged 90%. Millions of investors lost their life savings, major corporate and economic figureheads came crashing down and the world entered the Great Depression.
Amidst all that turmoil, two investment bankers, Alfred Lee Loomis and his partner and brother-in-law Landon Thorne, had profited handsomely through their prescient wisdom to liquidate all their securities and to gradually convert everything into long term Treasury bonds and cash. They were “caught with their pockets full”, because they were in bonds and cash. (Source: Tuxedo Park: A Wall Street Tycoon and the Secret Palace of Science That Changed the Course of World War II)
