I think a person in 2020 is far more savvy about the risks than someone in 1920. For one, they're aware of crashes, bubbles, etc. and have probably even lived through at least one of them. They also don't have to trust the advice of a single broker over the telephone. The 2008 real estate bubble was driven by the same kind of speculation that drove the 1920s stock bubble. We are probably already deep into a stock bubble today, in 2020. And yet retail investors can plop down tens of thousands of dollars on stocks through Robinhood or a myriad of other apps, paying no attention to underlying fundamentals in the business.
> For one, they're aware of crashes, bubbles, etc. and have probably even lived through at least one of them.
The Panic of 1929 was far from the first crash of the 1900s, let alone the only large crash in history. The Panic of 1893 would have been the big crash that everyone was afraid of before 1929, but there were more minor crashes in 1901 and 1907. Railway manias and land speculation-driven crashes litter pretty much every decade of the 19th century. The 21st century is unusual because it's pretty much the first time in modern financial history you make it an entire decade without some sort of recession.
