The Art of Speculation

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.

First published in 1930, The Art of Speculation by Philip Carret has long been praised for its perceptive examination of the various ways that speculation impacts the worlds of both business and financial trading. Now, almost seven decades later, a newly updated edition proves as instructive as ever on this and related investment topics such as short selling, government regulation, options, and arbitrage. Chapters on reading a balance sheet and an income statement remain classics.