Ep. 430: The Mob Rules with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Rise and Fall of the Share Kings
Investors were beguiled by the shares kings claims of achieving miracles and alchemy. Many had bought their shares as time bargains for delivery on the 1st of July, allowing them to pay huge premiums without putting any money down. After the cotton shock, however, it soon became clear that they would not be able to meet their obligations. All share prices began to decline, putting the banks and financial associations under increasing pressure. The day of reckoning came when panic swooped down upon Bombay. It was indeed a black day.
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