By 1932, the stock market had already suffered a historic collapse. The Dow had fallen from about 380 in 1929 to roughly 40, wiping out around 90% of its value. Buying stocks then required more than optimism. Investors needed to believe that some companies were worth far more than their battered share prices suggested.
J. Paul Getty was willing to make that bet. He bought Tide Water Associated Oil Company shares in 1932 for $2.12 each, according to the supplied material. The company was described as the ninth-largest U.S. oil company at the time. Getty was therefore buying into an established business while the market was pricing fear into its shares.
