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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 18

WHICH WAY TO THE MARKET?

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In the long run, we shape our lives and we shape ourselves. And the choices we make are ultimately our own responsibility.

—Eleanor Roosevelt

After one of the most costly securities run-ups in U.S. history, the financial elite of New York City grew fed up with it. So, 24 of the most influential brokers in town met under a buttonwood tree near 68 Wall Street and cut a deal to bring order to the fledgling system of exchanging stocks and bonds.

The Buttonwood Agreement of 1792 laid the foundation for the New York Stock Exchange. Its goal was to prevent further bubble-causing speculation by removing the peripheral ...

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