Download Ebook The Art of Speculation, by Philip L. Carret
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The Art of Speculation, by Philip L. Carret
Download Ebook The Art of Speculation, by Philip L. Carret
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Product details
Paperback: 378 pages
Publisher: Martino Fine Books (January 18, 2012)
Language: English
ISBN-10: 9781614272380
ISBN-13: 978-1614272380
ASIN: 1614272387
Product Dimensions:
6 x 0.8 x 9 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
13 customer reviews
Amazon Best Sellers Rank:
#573,130 in Books (See Top 100 in Books)
This book was written back in 1930 but there are still a lot of gems to be found, especially for beginning investors.What the author describes as speculation is really, today, just investing that is a little more risky than buying a stock for the dividends. He describes how to interpret financial statements, how the market works, and what to look for in industrial and railroad stocks. He also discusses trading in unlisted securities and investing in options.Sure the book is old, but it is still very valuable.
Excellent, closely-written text illustrating timeless investment principles from interesting pre-1930 business and investment case histories.
Carret has the longest track record of beating the general markets over the long term with a CAGR of 13% over 55 years. This books is a great companion to Security Analysis by Ben Graham showing the central concept of buying securities when undervalued. In this book speculation is not the same definition as gambling or by Ben Graham, but in essence intelligent investing. Those who find this book to be "outdated" have the problem of not understanding the concepts of the book and wish to be spoon fed examples applicable to today's companies verbatim. In response to a previous review of a "veteran investor" who is not one given that the person "day trades", this book is not applicable to today's gamblers and is very helpful to those who are investors. This also applies for Security Analysis.
educational
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Has some applicable info, but a lot of its outdated like reading the tape. For the seasoned vet I can't find a reason to buy this. For someone just starting out, you could learn something but there are many more books out there that are newer and more revelant. I personally like any of William O'Neils books for long term investing, as for day trading I like the work of John Person who has two books available last time I checked. (Both good reads)
Every year, every business cycle and every decade has its hero. Few keep the track record over an extended time period so one conclusion is that he or she just happened to be long or short the asset proved right to be long or short at a certain time. Philip Carret (1896 - 1998) cannot be accused of being a one hit wonder.He was the founder (in 1928) of the Pioneer Fund which he ran for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had "the best long term investment record of anyone I know". (This is actually the longest measured successful period, confirmed by the book "The World's 99 Greatest Investors".)However, he was not off to a good start since the fund lost money in the stock market crash of 1929 and the Great Depression that followed, but from the mid-1930's Carret had an amazing performance. How many would have stayed with his/her investment philosophy after negative returns for such a long time?Two years after starting the fund ''The Art of Speculation", was published. It was originally written as a series of articles for Barron's in 1927 and described the process he used for his investing. He was around 30 years writing these articles/book and starting the fund. To keep one's head cool living through the mother of all bullmarkets is clearly an achievement in itself, especially when being in the early 30's.Keep in mind that Benjamin Graham's Security Analysis was published in 1934. My guess is that The Art of Speculation meant a lot to Mr. Graham and you could argue that the contents of the two books are rather similar. However Carret's book is clearly the lighter version. The good news then is that this book is a much easier read, and also I think it makes some very good observations in the end. The text is obviously dated and irrelevant in some instances and sometimes the author is a bit slow to make obvious points.The book is beautifully wrapped up in the last chapter with "Twelve commandments for the speculative investor". These and his comments have travelled well since they were written. My top 4 are below.* At least once every six months, reappraise every security held;* Seek facts diligently, advice never;* Borrow money sparingly and only when stocks are low, money rates low and falling and business depressed;* Set aside a moderate proportion of available funds for the purchase of long-term options on stocks in promising companies whenever available.The author's intro: Successful speculation requires capital, courage and judgment. The speculator himself must supply all three. Natural good judgment is not enough. The speculators judgment needs to be trained to understand the multitudinous facts of finance. It is the hope of the author that this book can be of assistance in that connection.I agree with his statement and hope that many more read this wonderful book.This is a review by investingbythebooks.com
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