I wasn't there but I can only imagine that in the early days of our country, people who invested in this or that venture had some understanding of the company, perhaps they'd met the founder, used the product with good results, believed in the product, etc.

It strikes me that many people these days do something that's sort of like a much slower version of day-trading. Investors (IME) frequently don't have much knowledge of the company, they go by the numbers and when the numbers indicate (to them) that they've got their profit and need to bail out, they do, sort of like slow motion day trading.

Something a tad bizarre about that IMO.

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1986 300SDL, 362K
1984 300D, 138K