That's the message we were still recycling for Merrill Anderson clients many decades later. Not until digital data-crunching revealed that the average investment pro produced only average results did we have to fall back on "asset allocation."
By 1935 it must have seemed safe to advertise again. After the market disaster of 1929-32, the DJIA recovered nicely in 1933, remained fairly stable in '34, and soared almost 40% in 1935. Alas, a new, er, "recession" sent the Dow plunging almost 33% in 1937.
Do you suppose Fiduciary was still running ads in 1938?
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