[Archives] Notes From 1934 Quick Look At Moody's Manual [Part I]

Notes From 1934 Quick Look At Moody’s Manual – Part I by Redfield, Blonsky & Co.

February 2009

Get The Full Series in PDF

Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

We respect your email privacy

1. Industrial production dropped big. Commercial air units dropped from 2,684 units in 1930, to 1057 in 1933. I noted that engines didn’t really drop. I don’t know if that is relevant or not.

2. Pounds of mail cargo dropped, in both cost and units from 1929 – 1931.

3. Auto production in 1929 was 4.8M cars, 1,186 in 1932 and 1,661 in 1933. Similar for trucks.

4. Total Building contracts in dollars were $5.8M in 1929 and $1.26M in 1933. Building costs dropped by 15% between 1929 and 1933.

5. Lumber production


6. Cement was similar to lumber above.

7. Petroleum production did not crash, but dropped.

8. Railroad Equipment Orders


9. Crude Oil Prices – “remarkable growth in Auto…”


10. Retail Sales Seasonaly adjusted. These peaked in 1929.

Retail Sales

11. Rubber production worldwide stayed at peak levels , +/- 15%

12. Steel and scrap prices dropped as expected.

13. Industrial production plummeted.

14. Tobacco production dropped (not sure of how much)

15. Moody's Average Yields on 40 bonds



16. Corporate Financing Dried up:

Corporate Financing

17. Stock yields were typically greater than bond yields by 150bps

Stock yields


Saved Articles

Are you a smart investor? Join tens of thousands of sophisticated investor reading our authoritative free newsletter

* indicates required

Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Sign up for ValueWalkPremium today and get our exclusive content for 35% off.

Use coupon code vip19 or click on the button below

Limited time offer only ENDS 11/30/2019 or after next 25 12 subscribers take advantage whichever comes first – please do not share this discount with others