11/5/2025
The last time the DOW made a new high on thin leadership was in late October 1973, then as now. Here is a graph showing the return to the old high above 950 and then the year plus drop to 577.
But this does scant justice to what happened. White Weld, then a prominent investment banker, was acquired by Merrill Lynch. Dupont Glore Forgan 'acquired' Walston and then both evaporated, their offices sold to other firms. Loeb Rhoad.Once gloriouse Loeb Rhoads staggered into 1979 and was acquired by wire house Shearson, oh the horror.
At any rate this maybe a good road map for the road ahead.
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