Synopses & Reviews
Published in 1930, on the heels of America's greatest depression, Philip 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.
Even among Wall Street legends, Philip L. Carret is a giant, the founder of one of the first mutual funds-the Pioneer Fund, which debuted in 1928-and a fount of knowledge and experience whose investing wisdom is acclaimed to this day. This classic guide to the nuts and bolts of speculating in the market, assembled from a series of articles for Barron's, is still one of the best primers available for beginners... and an excellent brush-up lesson for old hands. In clear-eyed, down-to-earth language, Carret discusses: . what is speculation? . why the investor must speculate . how stocks resemble real estate . trading on margin . over-the-counter trading . how to find a reliable broker . the disadvantages of options . the secret of the sure-thing speculation . forecasting market swings . understanding a bull market . how to read a balance sheet . and much, much more. American entrepreneur and financial writer PHILIP L. CARRET (1896-1998) is also the author of Buying a Bond.