--- title: "Meaning & Key Takeaway of: In the 1920s, he decided that it was…" description: "\"“In the 1920s, he decided that it was cheaper to drill for oil than to buy the overvalued shares of other oil companies. After the 1929 stock market cr..." image: "https://sms4smile.com/quotes/i/620/daniel-yergin-15406_investing_in-the-1920s-he-decided-that-it-was-chea_1996772.jpg" --- # In the 1920s, he decided that it was cheaper to drill for… ![“In the 1920s, he decided that it was cheaper to drill for oil than to buy the overvalued shares of other oil companies. After the 1929 stock market crash, he completely changed tack; he saw that oil shares were selling at a great discount to assets, and he turned to prospecting for oil on the…” quote by Daniel Yergin](https://sms4smile.com/quotes/i/620/daniel-yergin-15406_investing_in-the-1920s-he-decided-that-it-was-chea_1996772.jpg) [Download](https://sms4smile.com/quotes/i/620/daniel-yergin-15406_investing_in-the-1920s-he-decided-that-it-was-chea_1996772.jpg) [Open image](https://sms4smile.com/quotes/i/620/daniel-yergin-15406_investing_in-the-1920s-he-decided-that-it-was-chea_1996772.jpg) > ““In the 1920s, he decided that it was cheaper to drill for oil than to buy the overvalued shares of other oil companies. After the 1929 stock market crash, he completely changed tack; he saw that oil shares were selling at a great discount to assets, and he turned to prospecting for oil on the floor of the stock exchange—in”” [Daniel Yergin](https://sms4smile.com/quotes/author/daniel-yergin/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. He shifted from buying overvalued oil stocks to drilling because it was cheaper, then later prospecting on the exchange floor after the crash when shares were cheap. **In simple terms:** He changed strategies to profit from cheaper oil drilling and undervalued shares. Key Takeaway Adapt tactics to market conditions. Themes strategy economics risk resource management Mood reflective analytical pragmatic Type advice historical business When to use this quote - investment decisions - energy industry - financial crises - business pivots Key Concepts valuation market cycles asset allocation Questions to Reflect On - How do you assess when to change a business model? - What signals indicate a market is undervalued? A Different Perspective Cheaper drilling may still involve high capital risk and uncertainty. ★ ★ ★ ★ ★ No ratings yet [1929 Stock](https://sms4smile.com/quotes/about/1929-stock-3490713/) [Drill Oil](https://sms4smile.com/quotes/about/drill-oil-2240736/) [Investing](https://sms4smile.com/quotes/about/investing/) [Market crash](https://sms4smile.com/quotes/about/market-crash/) [Oil Shares](https://sms4smile.com/quotes/about/oil-shares-3490714/) [Prospecting Oil](https://sms4smile.com/quotes/about/prospecting-oil-807877/) [Shares Oil](https://sms4smile.com/quotes/about/shares-oil-3490712/) [Stock market crash](https://sms4smile.com/quotes/about/stock-market-crash/) ## Related quotes > [And if our goal as moral citizens is to make the world a better place, then there is only once choice: to pump as…](https://sms4smile.com/quotes/ezra-levant/and-if-our-goal-as-moral-citizens-is-to-make-the-world-a-better-place/) [Ezra Levant](https://sms4smile.com/quotes/author/ezra-levant/) > [Prospecting for oil is a dynamic art... 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