♪ on a street corner of shanghai china, amidst skyscrapers, 200 to 300 people get together on the weekends for what is called the street stock salon. these are individual investors

who buy and sell stocks on their own. people who have made money in the stock market or those who have lost their savings exchange information here. suppos supposed forecasters predict stocks. this is what investors want the most. the shanghai stock exchange crashed last year, and economic growth slows in china, stock

prices continue to falter, amidst fear of an economic slowdown. within such an environment, investors constantly debate whether to sell their stocks or keep their hopes up. individual investors who comprise 80% of the chinese stock market are now desperately clinging to stock market forecasters. this report engulfs six months of the market salon goers.

shanghai leads china's economic development. the center of the city is home to the street stock salon. at around 1:00 p.m. on a weekend in marshes people begin to get together. several people are gathered here. stock forecasters are preparing to open shop. investors want the information these forecasters offer about future stock market movements. for further details, investors have to pay the forecasters.

one and is unloading his scooter. he takes out a large monitor, to sell computer software that predicts stock prices. he has been doing business with individual investors here for about ten years.

the man demonstrates how this software analyzes and predicts stock price movements. the accuracy of the software is difficult to assess, but he says that it's sold at more than 50 times the current price before the stock market crashed.

now that the market is bearish, investors who suffered major losses are eager to get their money back. an especially large crowd forms at the salon. a young stock price forecaster is gaining a lot of attention from investors. his name is wang ji.

the shanghai composite suddenly surged in november of 2014. and surpassed 5,000 in roughly six months. however, when the government regulated some market transactions out of fear of a bubble forming, stock prices plunged. the composite hovered at around 3,000. in october 2015, wang predicted that the composite would move as follows.

however, the shanghai composite has been below 4,000 for six months. wang's predictions missed the mark.

wang doesn't make predictions on his own he collects information from various sources and charges clients for the information. usually a national certification is necessary to charge people for stock price analysis and forecast, but wang doesn't have that certification. he often spreads unverified information and makes bad predictions. but many people still flock to him.

during a weekday afternoon, wang contacts an individual investor and decides to meet with her. the investor is 49. the two met at a stock salon six months ago.

she lost her husband six years ago and inherited his stocks. she also bought more shares on her own but she lost most of her investments in last year's stock market crash. in october 2015, she visited the street stock salon for the first time. she was laid off from the company she worked for. and lost every source of income. she was hoping to increase her limited funds through stock transactions. that's when she met wang.

xu has previously purchased stock recommended by wang, but the price didn't rise much. she was ready to quit trading stocks all together when wang told her he had some good information.

xu has been job hunting for six months sundays she got laid off. recently, she finally landed a part-time job with the help of a friend. she works since daysx days a we makes $430 a month, which is far from enough to take care of herself and her son. she has no particular

qualifications, and her age. she lives in a coop doundo in t suburbs of shanghai, which she and her late husband purchased 16 years ago. although she doesn't need to worry about rent, she has had to cut down on all other spending. xu's biggest concern is her son's college tuition and living expenses. he currently lives in a dormitory.

xu's son works part time as a tutor and at a clothing store to cover his living expenses. recently, he used his earnings to buy clothes that she had wanted.

in these hard times, without her husband's support, messages from her son are what keep xu going.

xu waonce tried to stop stock tra trading, but then she decided to purchase stock recommended by wang. she hopes that the purpose will help her make up for her losses. she doesn't plan on telling her son about her purchase. this is the city's public facility facing the street stckk salon. on the weekends, investors and

forecasters exchange information in this building as well. a man begins opening shop near the entrance of the building. for eight years now, he's been selling computer software that analyzes stock price movements. he sets up shop wherever he pleases. this customer came today to update to the latest version of the software, which he purchased from feng before.

feng actually developed the software himself. he sets his own upper and lower limits on each stock and aims to make profit within that range. he says the system aims to minimize losses, even if the profit margin is small. feng doesn't using tactics like raising his voice to get attention in the salon.

he doesn't make bold statements, either, but a lot of people still come to him. on a weekday when the salon isn't open, feng is at home in the suburbs. feng has withbeen living here f ten years since his wife passed away. this is a complex built for laborers in the 1950s. at 8:30 a.m. when stock trading begins, feng sits in front of his computer. he manages his clients' funds. his proprietary software calculates the best timing for a

stock transaction. when he makes a profit, he gets a 30% commission. he says his annual income exceeds $60,000 u.s. many people ask him for advice on stock trading. f feng developed this software eight years ago. before that, he used to develop information more casually and sell information to investors.

feng stopped being a forecaster and began developing software for stock analysis. he says that's because he has made many mistakes in the past, triggered by greed. feng began trading stocks 25 years ago. having successfully made more than 200 times his original capital, feng used the profit to launch a construction-related business. but he was tricked by a major client and ended up with a large amount of debt. it took feng ten years to repay

his debts. and when he finally did, his wife died of illness. but he ultimately lost money in stocks and decided to never invest his own funds into the market. after studying hard for four years, feng finished developing his own computer software. he has since been focusing on using objective data and calmly making decisions without being derailed by greed.

three days after xu purchased shares, a friend from high school visited her.

in late march, the stock salon is filled with investors. feng conducts business quietly in a corner, as if to avoid the chaos. he says that people possessed by greed remind him of his younger self. recently, feng has been worried about the young

individual investors and forecasters continue to engage in heated discussions, drifting amid the unpredictable chinese stock market, as they are fueled by uncertainty and greed.

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>> hello, and welcome to "the drexel interview." i'm your host, paula marantz cohen, speaking to you from the office of the phi beta kappa society in washington, d.c. my guest today is robert wilson, editor of the american scholar, the journal published by phi beta kappa. robert wilson is the author of the recent biography "mathew brady: portraits of a nation." robert wilson, welcome to "the drexel interview." >> thanks so much for having me. >> mathew brady is considered by many people as the