It is not possible that this would ever happen again, surely?
“Some 50 years ago, Australia was gripped by a remarkable boom in mining stocks, the most famous being the nickel producer Poseidon. Its share price rose from 80 cents in August 1969 to almost $280 by February 1970. In six months, the price of Poseidon increased by a factor of 350. What triggered a boom of such magnitude? The words of Charles Kindleberger (2000, p16) help set the scene.”
Feeding the frenzy“Such was the mania gripping Australian mining stocks at this time, the AFR (October 10, 1969, p1) reported the Sydney Stock Exchange was trading more shares (by volume not value) than Wall Street. It said that if you rang your broker three times and it was engaged the buyers were in, while if you got straight through, the sellers were in. An interesting heuristic, if not one lifted from a finance textbook. The AFR reported on October 14, 1969 (p14) “The bellhops are in …”
https://www.firstlinks.com.au/fifty-years-ago-poseidon-made-todays-waaax-look-waned
It is not possible that this would ever happen again,...
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$3.06 |
Change
0.040(1.32%) |
Mkt cap ! $9.210B | |||
| Open | High | Low | Value | Volume |
| $3.04 | $3.12 | $3.02 | $47.88M | 15.58M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 18 | 321604 | $3.06 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.07 | 269930 | 12 |
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