Arthur Robertson

While a growing number of businesses and banks declared bankruptcy every day, a few opportunistic individuals weathered the crash and took advantage of the panic. Arthur Robertson made his fortune by buying these bankrupt businesses for low prices and later reselling them for enormous profits. In the following interview with Studs Terkel he tells of how his good business instincts kept him from overspeculating in the market while fellow financiers couldn't seem to restrain themselves. Although the speculators lost their shirts, Robertson survived the crash and—at age twenty-four—became a multimillionaire during America's bleakest economic crisis.

In 1929, it was strictly a gambling casino with loaded dice. The few sharks taking advantage of the multitude of suckers. It was exchanging expensive dogs for expensive cats. There had been a recession in 1921. We came out of it...