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
The Machinery of Markets.
The Vehicles of Speculation.
Market Movement–Ripples and Waves.
The Tides of Speculation.
Forecasting the Major Swings.
The Lifeblood of Speculation.
Technical Factors vs.
The Short Sale.
What Is a Bull Market?
How to Read a Balance Sheet.
How to Read an Income Statement.
Rails and Utilities–Victims or Beneficiaries of Regulation?
The Analysis of Industrial Stocks.
The Romance of Buried Treasure.
Profits in Financial Surgery.
Trading in Unlisted Securities.
Options and Arbitrage.
When Speculation Becomes Investment.