Simple answer: who made the money and tell me where you looked up the answer.
The stocks were overpriced no one had to make money.
However the answer to your question is those who sold out over the summer, notably Joseph Kennedy, and a Jesse Livermore who made his dosh on speculating that it was just a bubble.
And also the Stockbrokers who take their commission, however they lost out in many transactions because the people were unable to pay.
Many people lost money through investing in banks who then invested or more correctly 'speculated' on the stock market and got it wrong.
Some people (but they were few) who had bought their stock in the mid 1920s, and not bought extra stock in the boom of 28 to 29, actually made a steady earning from the dividends and in fact what is often forgotten is that most of the stocks were very sound investments, but only at about 2/3 the high price, when the stock market hit its low in 1923 most stock prices were well below their worth in dividend return.
Where did I look up the answer the bubble bubble to check the name of who sold out (Kennedy) otherwise watching documentaries in 1969/79/89/99 2004 (75th anniversary) and 2009 plus numerous articles and also (now) knowing how markets work.
If someone is caught holding the bag, then someone must have made a bundle.
enthusiasm and greed drives up the stock market. reality and depression brings it back down.
What difference does it make who made the money, now? You expecting a long lost inheritance?
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You have a computer, why don't YOU look it up?
Jesse Livermore.
It doesn't make sense that every investor lost, someone had to make money.
Simple answer: who made the money and tell me where you looked up the answer.
