45 YEARS IN WALL STREET A Review of the 1937 Panic and 1942 Panic, 1946 Bull Market with New Time Rules and Percentage Rules with Charts for Determining the Trend on Stocks By WILLIAM D. GANN Published by LAMBERT GANN PUBLISHING CO. INC. Box 0 Pomeroy, WA 98347FOREWORD In 1910 at the request of friends I wrote a small booklet entitled “Speculation a Profitable Profession.” In this book- Tet I gave the rules that helped me to make a success in my personal trading. January, 1923, I wrote, “Truth of the Stock Tape” to help those who were trying to help themselves in speculation and investment trading. This book was favorably received by the public and many proclaimed it my Masterpiece. ‘The book fulfilled its mission as evidenced by letters from grate- ful readers. After predicting the great panic in 1929 there ‘was a call for a new book to bring “Truth of the Stock Tape” up to date, I answered that call in the early part of 1930 by writing “Wall Street Stock Selector” giving my readers the benefit of practical experience in which I developed new rules since 1923. In “Wall Street Stock Selector” I pre- dicted the “Investors Panic,” and said that it would be the greatest panic the world had ever known. This prediction was fulfilled by the panic which ended in July, 1932, with some stocks declining to the lowest levels they had reached for the past 40 to 50 years. A great advance followed the 1932 panic and my rules helped many people to make substantial profits. In 1935 satisfied readers asked me to write a new book. I responded to that call by writing my third book “New Stock Trend Detector” in the latter part of 1935, giving the benefit of my experience and new and practical rules which Thad discovered. Since 1935 many changes have taken place; the market passed through the panic of 1937 which was forecast by me. The decline ended in March, 1928, and a minor Bull Market followed to November 10, 1938. The second World War started September 1,°1939, and the United States entered the war in December, 1941. After we were in the war a further liquidation in stocks occurred and final lows were reached April 28, 1942, when stocks sold below the low level of 1938 at the lowest levels since 1932. From the lows in 1942 a prolonged advance followedwhich continued after the end of the Japanese War in August, 1945, 1946, May 29, stocks sold at the highest level they had reached since 1929. My rules and my forecast called the top of this advance and the sharp decline which followed to October 30, 1946, when final low was reached, Fourteen years have passed since writing my last book and Thave gained more knowledge through actual market opera- tions. ‘The world is upset and confused; investors and traders are puzzled over the business depression and the de- cline in the stock market. Many have written requesting me to write a new book. With the desire to help others I have written “45 Years in Wall Street” giving the benefit of my experience and my new discoveries to aid others in these difficult times. I am now in my 72nd year; fame would do me no good. I have more income than I can spend for my needs, therefore, my only object in writing this new book is to give to others the most valuable gift possible—KNOWL- EDGE! If a few find the way to make safer investments my object will have been accomplished and satisfied readers will be my reward. W. D. Gann. July 2, 1949 INTRODUCTION In 1926 I read “Truth of the Stock Tape,” written by W. D. Gann in 1923. To me it was a masterpiece. Then in 1927 I met Mr. Gann and since then I have read all the books he has written. The rules he has laid down have greatly benefited me when times were good, also when they were trying. In one place he says “Remember when you make a trade, you can he wrong, therefore place a stop loss order for your protection.” Another rule says, “When in doubt, get out of the market.” Then again he says, “When you have nothing but hope to hold on to, get out of the market.” ‘That I am writing this, should indicate I have followed these rules and others in his books, and they have paid off. It has been my pleasure and privilege to read Mr. Gann’s latest book, “Forty-Five Years in Wall Street,” before it goes to press, and I commend it to others, What he has written here is the result of many years of research and study. He is the only man I ever knew who I thought had worked as much as Mr. Thomas Edison, In this his latest book, the rule on short time period price correction is a valuable one to anj investor. Time period rules, three day and nine point charts and anniversary dates, are new discoveries by Mr. Gann, that T have never read about from anyone else. This book contains rules that will help one make profits and keep them, if the rules are learned and applied without hope or fear. CiareNce KiRvEN. July, 1949