ROSE (Dwight C.)
A Scientific Approach to Investment Management.
‘In his comprehensive study of investment management approaches, Rose reviews the experiences of various individuals and companies in order to illustrate successful investment policies. A key principle, he finds, is seeking advice from investment experts who are not, like the investment banker, primarily interested in selling their product’ (Dennistoun).
Interestingly, in December of the same year, just months before the crash, Rose delivered a speech at the joint annual meeting of the American Statistical Association and the American Economic Association in which he stridently advised against common stocks. Suggesting that the great confidence of recent years has led to a “blind confidence” in the market, Rose warned that this “has left room for only superficial consideration of some of the more fundamental, though less romantic factors that will play a large part in determining the rate of return that may be realized over the next few years from a diversified group of high-grade common stocks bought at presents levels.”
Dennistoun, Bubbles, Booms and Busts, 482.
