The Decline of the Stock Market

In 1932 the annual report we're referencing it was basically back to below 1921 and down from 1929. S-made retail sales value in 1932 was about a billion which was down from a peak in 1929 of 4.7 billion. Jeff, why do you think Buffett says 1932 is one of the best annual reports? He's ever read I mean given he's read probably about a million in his own life. How blunt they were about everything and just truthful about all of it. And some people bought using debt as they many people did in the stock market throughout the 20s They did thinking that they had really good values and things went down further.