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Description of The Art of Speculation

"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

"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

Title Information

ISBN:

9780471181880

Pages:

384 pages

Format:

Paperback

Product Code:

3694

Publisher:

John Wiley & Sons Ltd

Published:

07/04/1997

Press and Industry Reviews

"The Art of Speculation is laden with insights and studies that are as fresh today as newly cut grass...joy to read. The topics covered were timeless in 1931..and written 24-carat prose."
- Victor Niederhoffer

"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 to read them first."
- Christopher Byron, Esquire

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About Philip L. Carret

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.

Contents of The Art of Speculation

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