From the January 20, 1932 issue of The New York Times:
The correct advice, of course, would have been "Don't buy, SELL!" After the Crash of '29, the Dow rebounded by 30% in 1930. Then stocks began to slide toward oblivion. By the summer of 1932 the Dow would be 89% below its pre-Crash high. To recover from such a loss, one would have to watch one's portfolio go up by 825%.
Posted by James L. Macdonald, Retired Senior Vice President, Merrill Anderson Co. Inc.