The Great Crash 1929 / 《1929年大崩盘》

The Great Crash 1929 is John Kenneth Galbraith’s book referenced in 157.如何带走牛市的胜利果实？ for the idea of the bezzle. The source uses the book as historical vocabulary for a recurring market condition: during a boom, investors can believe unrealized or overstated wealth is already theirs until the downturn reveals the gap.

The book functions here as a bridge between historical crash analysis and Chinese bull-market behavior. [[DavidWeng|大卫翁]] does not make a direct 1929 analogy; he uses the bezzle lens to warn that new stories, high valuations, and untested companies can create [[BullMarketBezzleTrap|bezzle-like]] wealth illusions before any accounting or market correction exposes them.

Connections

• John Kenneth Galbraith - author.
• Bull Market Bezzle Trap / 牛市叙事欺诈, Speculative Bubble Psychology, and Retail Bull Market Psychology - concepts connected to the source’s use of the book.
• Paper Wealth Vs Cash Value and Investment Risk Management - practical investing branch that absorbs the lesson.