The Art of Speculation

Speculation is no simple business.... Indeed, speculation requires broader knowledge, closer attention, sounder judgment than the average business. Published in 1930, on the heels of America s greatest depression, Phillip L. Carret s classic is a perceptive and complete examination of speculation and its vital role in our economy. Carret, a Wall Street legend and founder of one of the first mutual funds, was one of the greatest minds tackling the intricacies of business, finance, and speculation. With clarity and precision, he presents the history of the profession, the relationship between speculation and business, and the fundamentals bonds, securities, derivatives, and stocks, as well as the more complex areas of analysis, margins, and arbitrage. Not one detail is overlooked. In the final chapter, Carret distills the essence of his wisdom into 10 Commandments for Speculators. There is brilliance in their simplicity in fact, it is clear why Warren Buffett once called Carret one of the greatest investors of all time. Even now it is hard to imagine success without a commitment to these rules. The Marketplace Books Classics Series With titles ranging from the hallmark Think and Grow Rich by Napoleon Hill to The ABC of Stock Speculation by S. A. Nelson, our original and unabridged series hopes to illuminate the steadfast values and advice for investment and trading that have remained unchanged over 70 years. It is our hope that careful and open-minded examination of these books will show that financial wisdom is something that transcends time. We have made the conscious choice to publish these classic works in their full and original state in an accessible paperback format. We encourage you to read slowly, bookmark pages, make notes, and immerse yourself in these books original essences. We think you will be amazed at how little the core advice for trading the markets has changed and how valuable this advice will be for your investing life today.