Is there anybody here with an IQ of at least 100? Please come forward and talk to deadbroke. This T2W is a very lonely place but I have a job to do - outlining in detail with blood and guts the topping sequence - even if it kills me first.
Learn this not once, read it several times and think about it over and over again ...
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read the reminiscences of renowned stock trader Gerald M. Loeb. He became vice-chairman of E.F. Hutton, and late in his life authored the classic book The Battle for Stock Market Profits (1971). Here's an excerpt.
I lived in New York City in 1929. Hotels of all kinds were then going up on every side. They were in deep financial trouble almost overnight. I paid $12,000 a year rental for my two-bedroom-and-living-room suite in the Savoy Plaza. A year later I paid $4,000 a year, and this rate prevailed for about ten years.
During the 30s, occupancy rates in many cases dropped to under 50 percent. Hotel equities were wiped out . . . Commercial rentals also dropped severely. I know of cases where landlords practically waived the rent entirely just to keep the space occupied. The hope was that when times improved the building owner would have a rent-paying tenant again.
If the rent dropped by two-thirds during the Great Depression -- at the Savoy Plaza in Manhattan, no less -- imagine the dramatic decline in rental costs elsewhere. As people lost their jobs in the early '30s, they couldn't afford the rent they used to pay.
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deadbroke is transfixed by such data which he always always reads with his chart of the Great Depression in full view.
Learn this not once, read it several times and think about it over and over again ...
----------------
read the reminiscences of renowned stock trader Gerald M. Loeb. He became vice-chairman of E.F. Hutton, and late in his life authored the classic book The Battle for Stock Market Profits (1971). Here's an excerpt.
I lived in New York City in 1929. Hotels of all kinds were then going up on every side. They were in deep financial trouble almost overnight. I paid $12,000 a year rental for my two-bedroom-and-living-room suite in the Savoy Plaza. A year later I paid $4,000 a year, and this rate prevailed for about ten years.
During the 30s, occupancy rates in many cases dropped to under 50 percent. Hotel equities were wiped out . . . Commercial rentals also dropped severely. I know of cases where landlords practically waived the rent entirely just to keep the space occupied. The hope was that when times improved the building owner would have a rent-paying tenant again.
If the rent dropped by two-thirds during the Great Depression -- at the Savoy Plaza in Manhattan, no less -- imagine the dramatic decline in rental costs elsewhere. As people lost their jobs in the early '30s, they couldn't afford the rent they used to pay.
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deadbroke is transfixed by such data which he always always reads with his chart of the Great Depression in full view.
