The Commencement Speech Is Not,

More Investment Trusts Securities Were Offered In September Of 1929 Even Than In August - The Total Was Above $600 Million. However, The Nearly Simultaneous Promotion Of Shenandoah And Blue Ridge Was To Stand As The Pinnacle Of New Era Finance. It Is Difficult Not To Marvel At The Imagination Which Was Implicit In This Gargantuan Insanity. If There Must Be Madness Something May Be Said For Having It On A Heroic Scale.

The Massive Reduction In Risk That Is Inherent In The Development Of The Modern Corporation Has Been Far From Fully Appreciated.

In 1929 The Discovery Of The Wonders Of The Geometric Series Struck Wall Street With A Force Comparable To The Invention Of The Wheel.

When You See Reference To A New Paradigm You Should Always, Under All Circumstances, Take Cover. Because Ever Since The Great Tulipmania In 1637, Speculation Has Always Been Covered By A New Paradigm. There Was Never A Paradigm So New And So Wonderful As The One That Covered John Law And The South Sea Bubble - Until The Day Of Disaster.

The Urge To Consume Is Fathered By The Value System Which Emphasizes The Ability Of The Society To Produce.