The Art of Speculation.
CARRET (Philip L.)

The Art of Speculation.

Revised edition. Small 8vo. x, 364 pp., black and white photographic frontispiece of the floor of the New York Stock Exchange. Original red cloth, spine and front cover lettered in gilt, dust jacket (neat book label of ‘Troy Beatty Jr.’ to front pastedown obscured from view from front flap of jacket, faint uniform browning to paper stock, contents otherwise clean and unmarked; jacket rather worn with various short closed tears and tiny nicks to extremities, eight or so tiny holes to rear panel, notwithstanding a very good copy overall). New York, Baron’s, The National Financial Weekly, 1930.

£750.00

A classic of investment literature championed by Warren Buffett, originally published in 1927 - complete with the striking art-nouveau style pictorial dust jacket.

‘Four years prior to Benjamin Graham’s seminal work, Security Analysis, Philip Carret introduced some similar concepts in his approach to investing. Insisting that ‘the investor must speculate’, Carret focuses on the study of business rather than market trends, advocating buying ‘out of favour’, undervalued stocks in order to take advantage of their earning power. Foreshadowing Graham’s words, Carret states: ‘The road to success in speculation is the study of values.’ Of Carret’s work Victor Niederhoffer says ‘The Art of Speculation is laden with insights and studies that are as fresh today as newly cut grass … a joy to read. The topics covered were timeless in 1931 … and written 24-carat prose’.

Dennistoun, Bubbles, Booms and Busts, 484.

Stock No.
254468
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