The Art of Speculation

Submitted by Book Library on 31 July, 2010 - 16:21

The Art of Speculation is laden with insights and studies that are as fresh today as newly cut grass . . . a joy to read. The topics covered were timeless in 1931. and written in 24-carat prose. from the Foreword by Victor Niederhoffer A classic in every sense of the word, The Art of Speculation has been heralded by investors, both past and present, as a true standout in the field. Written by Philip Carret a Wall Street legend long considered a leading thinker in basic value investing this timeless work is as vital a part of finance literature today as it was when it first appeared almost seventy years ago.

Acclaim for The Art of Speculation (Wiley Investment Classic) Philip Carret has been practicing the art of investing longer than anyone. In the current frothy stock market environment it is helpful to read his insights into the Great Crash of 1929 to see if there are useful parallels. Beginning investors will find The Art of Speculation instructive and students of the market will learn much about what investing was like seven decades ago before computers, derivatives, junk bonds, discount brokers, and hedge funds. His Twelve Commandments for Speculators is good advice for us all. Byron R. Wien, Managing Director/U.S. Investment Strategist Morgan Stanley & Co. Inc.

A genuine rarity: the intricacies of investing illuminated by clear writing and timeless insight. The chapters on how to read a balance sheet and income statement are classics. No investor should even consider dabbling in the frantic IPO market of today without having read them first. Christopher M. Byron Esquire.

Positive Review of Book

This book was written back in 1930 but there are still a lot of gems to be found, especially for beginning investors. What the author describes as speculation is really, today, just investing that is a little more risky than buying a stock for the dividends. He describes how to interpret financial statements, how the market works, and what to look for in industrial and railroad stocks. He also discusses trading in unlisted securities and investing in options. Sure the book is old, but it is still very valuable.

Negative Review of Book

Has some applicable info, but a lot of its outdated like reading the tape. For the seasoned vet I can't find a reason to buy this. For someone just starting out, you could learn something but there are many more books out there that are newer and more revelant. I personally like any of William O'Neils books for long term investing, as for day trading I like the work of John Person who has two books available last time I checked. (Both good reads)

Author Biography

PHILIP L. CARRET has been a bond salesman, financial journalist, and mutual fund manager of extraordinary vision and ability. He is the founder and Chairman of Carret & Co., and Chairman Emeritus and Director of the Pioneer Group. In 1924, he launched The Fidelity Investment Trust with $25,000 of his own money. Known today as the prestigious Pioneer Fund, it boasts over $2 billion in assets.

Table of Contents

  1. What Is Speculation?
  2. The Machinery of Markets
  3. The Vehicles Of Speculation
  4. Market Movements - Ripples and Waves
  5. The Tides of Speculation
  6. Forecasting The Major Swings
  7. The Lifeblood Of Speculation
  8. Technical Factors vs. Economic Fundamentals
  9. The Short Sale
  10. What Is A Bull Market?
  11. How To Read a Balance Sheet
  12. How to Read an Income Statement
  13. Rails and Utilities - Victims or Beneficiaries of Regulation?
  14. The Analysis of Industrial Stocks
  15. The Romance of Buried Treasure
  16. Profits in Financial Surgery
  17. Trading in Unlisted Securities
  18. Options and Arbitrage
  19. When Speculation Becomes Investment

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