Investing in Financial History

Investing in Financial History

The Gilded Age Circus is Back in Town

One-Day Gains are Fueling Dangerous Speculation in Secondaries

Mark Higgins, CFA, CFP's avatar
Mark Higgins, CFA, CFP
Aug 19, 2025
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“For many denizens of Wall Street at the time, the measure of a man was not his honor or the value of his word, or even his net worth; it was the audacity of his scheming, regardless of whether the securities he was trading were legitimate, fabricated, or even his to sell.”1

—MICHAEL HILTZIK, author of Iron Empires

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