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Dell Latitude D620 XP Laptop - 1.8GHz 2GB 60GB DVD WIFI
non-guaranteed dividends & commercial risks.
Stock market crashes are in truth social phenomena where external commercial events combine with crowd behavior & psychology in an optimistic feedback loop where pricing out by some market participants drives more market participants to sell. Plus, the competitive nature of a game tends to keep things interesting. The distinction between the ask & the bid price is the spread, which is mainly accountable for liquidity in low priced securities. (In Knutson's study, the participants were not allowed to make only a single decision & sit out the rest of the study as a value venture capitalist would.) The global economy is complex & unpredictable. Dow lived in times when security(s) splits & security(s) dividends weren't commonplace, so he didn't foresee how these corporate actions would affect the average.
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