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Rare Benjamin Graham Article: The Two ‘American Ships’

When the First World War ended in 1918, the world celebrated peace, but investors on Wall Street suffered. Following the armistice, between 1918 and 1919, the US economy experienced a mild recession as it adjusted to the changing economic conditions. The United States was only actively involved in WWI for 19 months, but during this time the country's economy mobilized in a way it has never done before. And after a brief recession, growth bounced back in 1920, and the "Roaring 20s" began.

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