Art of Speculation (Wiley Investment Classics) (Hardcover)

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.

In 1931, Philip Carret′s groundbreaking The Art of Speculation made a powerful impact on the markets, singlehandedly rerouting mainstream thinking about a practice most regarded as suspect. While views on speculation and its significance have changed over the years, the intrinsic value of Carret′s masterpiece has remained constant. Heralded by top traders and leading financial journalists as a true classic in the field, The Art of Speculation is as relevant —and important —today as it was decades ago. Now, an updated edition of this incomparable work is primed for a new generation of investors who are sure to profit from the invaluable insight and wisdom that have made The Art of Speculation a milestone contribution to finance literature.

A true Wall Street legend, Philip Carret has crafted an illustrious career spanning more than seventy years. A former bond salesman, financial journalist, and mutual fund manager, he founded what is now known as the Pioneer Fund, one of the most prestigious and successful mutual funds in history. Hailed as a leading thinker in basic value investing, he outlined the objectives and strategies of this investment philosophy in The Art of Speculation —a runaway bestseller when originally published, and now revered as a landmark by investors everywhere.

Offering an accessible yet exhaustive roadmap to the markets, The Art of Speculation delineates the tenets of the speculative endeavor and basic value investing, a strategy oft forgot in the turbulence of today′s confusing investment landscape. With thorough explanations of exactly what speculation is, its role in business, and its importance in the "financial machinery," Carret provides important details on speculation vehicles, price movement, bull markets, balance sheets, and income statements. He then relates the speculative endeavor to specific practices, showing how to successfully apply it to short selling, arbitrage, market forecasting, and stock analysis.

As a foundation upon which to build, Carret presents his "Twelve Commandments for Speculators," a set of rules which, as he points out, "must be followed intelligently if success is to be attained." As appropriate today as they were when first introduced, these essential precepts include the famous tip, "Seek facts diligently, advice never."

Written by one of the investment world′s true giants, The Art of Speculation has withstood the test of nearly seventy years. An indispensable work for investors past and present, it will undoubtedly prove to be so for future investors as well.