Despite being perhaps the single most recognisable name in investment history, Charles H. Dow never published his own work on the theory of the price movement in bookform. Instead, it was left to others to popularise the Dow system of technical analysis such as William Peter Hamilton and Robert Rhea.
‘While confined to bed with illness for ten years, Rhea studied the Dow’s action thoroughly, eventually becoming convinced that it provided the only accurate method for forecasting stock movement. Idolizing Dow and William P. Hamilton, Rhea formulated a complete history of Dow Theory and, in conjunction with students of the theory from across the U. S., defined its terminology. This clear and precise work is the result.’
‘By 1938 Rhea was selling his mimeographed Dow Theory Comments opinions to five thousand clients at forty dollars a year. Soon he had twenty five assistants, and his bedroom became a statistical storehouse. He did not want to be a tipster; however he reputedly averaged $436 gain as against every $100 he lost’ (Dennistoun).
With an 8 page oblong octavo pamphlet loosely inserted advertising subscriptions to Rhea’s ‘Dow Theory Comment’.
Dennistoun, Bubbles, Booms and Busts, 405; Zerden, Best Books on the Stock Mark: A Bibliography, p. 10.
