alt Hacker News"The Roaring Twenties roared loudest and longest on the New York Stock Exchange. Share prices rose to unprecedented heights. The Dow Jones Industrial Average increased six-fold from sixty-three in August 1921 to 381 in September 1929. After prices peaked, economist Irving Fisher proclaimed, "stock prices have reached 'what looks like a permanently high plateau.'"
https://www.federalreservehistory.org/essays/stock-market-cr...
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triceratops • yesterday at 10:52 PM
Ok second best :-) I wasn't alive in the 1920s though
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You can argue that current market multiples are higher than 1929 [1] - and they're certainly high - but this also ignores the mechanism that drove that crash, focusing only on the symptoms. We simply aren't doing the kind of consumer margin buying that drove the '29 crash. It isn't even close. Average schlubs were leveraged to the stratosphere to buy shares of boring industrial stocks.
[1] https://www.multpl.com/shiller-pe