Cut-Throat
Thinks s/he gets paid by the post
Going all in, particularly in July '32.
But what was the right move after the head-fake correction in mid-1930? Selling it all and staying away for two years. If you got back in toward the end of the rally in early 1930, you got creamed.
Is this 1932? Mid-1930? Or (most likely, IMO) something in between?
Hindsight is wonderful, since it tells us what to do. Too bad it's over 75 years too late to be of use.
And even if we made the right move *now*, do we know when to change direction? I think a lot of us don't. Which is why we may tinker on the edges -- particularly now with more people building more protection against inflation and depression in their portfolios and some people lightening up their AA a bit -- but for the most part, core investment strategies haven't changed much.
Some of the people who went too defensive in the early 1930s may have missed the explosive recovery in late 1932 and 1933.
Don't worry we're all dead in the long run.
And there is only hindsight - No one knows the future or the right moves. But history is a good guideline for the wise.