I started investing during the late-1940s. The philosophy of investing was different then. Remember, at that time the US had just emerged from World War II, and before that the US had suffered through a brutal decade of the Great Depression.
After World War II investors were convinced that once again the US was fated to sink back into Depression. Of course, that never happened. Actually, between 1946 and 1949 the US did sink into recession, and this more than ever convinced investors that a resumption of the Great Depression was on its way.