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Art of Speculation

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ISBN-10: 0471181889

ISBN-13: 9780471181880

Edition: 1997

Authors: Philip L. Carret

List price: $38.95
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Description:

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…    
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Book details

List price: $38.95
Copyright year: 1997
Publisher: John Wiley & Sons, Incorporated
Publication date: 4/3/1997
Binding: Paperback
Pages: 384
Size: 5.75" wide x 8.75" long x 1.00" tall
Weight: 0.990
Language: English

What Is Speculation?
Speculation in Every Business
The Investor Cannot Escape Speculation
A Definition
Importance of Organized Markets
The Speculator Points the Way to the Investor
Speculators Help Support the Financial Machinery
The Analysis of Values
The Machinery of Markets
Bankers and Brokers
Distributing New Securities
Bonds the Most Frequent New Issues
How Common Stocks Originate
History of the Stock Exchange
Why Stock Exchange Firms Are Sound
The Mechanics of Executing an Order
How Sales Are Reported
Trading on Margin
Unlisted Securities Market
The Vehicles of Speculation
Vast Variety of Securities Available to Speculator
Wildcat Mining Stocks to Government Bonds
In General Limited Opportunities for Profit in Bonds
Convertible Bonds Offer Profits with Minimum Risk
Preferred Stocks Seldom Preferred by Speculators
Common Stocks the Great Field of Speculation
Market Movements - Ripples and Waves
A Simple Plan and Its Defects
Hidden Buyers and Sellers
"Insiders" Not Always Right
Unprofitable Pools
The Odds Against the Short-Swing Trader
Long Swings Require Patience
The Tides of Speculation
Bull and Bear Markets
Why Prosperity Never Lasts Forever
Origins of a Famous Panic
A Banker's Timely Warning
The San Francisco Earthquake's Part in the Panic
How Stocks Reflected the Panic
Possible Profits on Long Swing Trading
Forecasting the Major Swings
Two Editors Develop a Stock Market Theory
Some Correct Predictions
Applying a Physical Law to Stocks
Tips from the Steel Industry
The Factor of Dividends
A Price Index That Is News
An Index of Courage
The Indications Are Never Unanimous
The Lifeblood of Speculation
The Speculator Increases Profits by Borrowing Money
Attractions and Dangers of Pyramiding
How Stocks and Money Move in Sympathy
Why Money Eases in Business Depression
Bull Markets May Commit Suicide
Some Rules of Thumb for Forecasters
Technical Factors vs. Economic Fundamentals
A Composite Forecaster
"Weak" and "Strong" Hands
Steel Corporation's Experience
Danger Signals in Brokers' Loans
Construction of Stock Charts
Limitations of Chart Reading
Dow Theory Again
The Short Sale
Short Selling Is Usually "Professional" Trading
The "Short" in a Stock Is "Long" of Money
Short Selling Is Essential to an Orderly Market
The Short Seller Does Not Injure the Long Trader
Corners Are a Very Minor Risk of Short Selling
Average Trader Seldom Profits by Short Sales
What Is a Bull Market?
Every Stock Moves in Its Own Course
Averages Tell Only Part of Story
Stocks Tend to Move in Groups
Fashions Have Their Place in Stock Market
Management the Important Factor
Management Applies to Companies, Not Industries
Even Steel Stocks Do Not Always Move Together
How to Read a Balance Sheet
Balance Sheets the Bones of Finance
How to Calculate Book Value
Fixed Assets May Be Frozen
The Current Asset Item
Inventories Should Sometimes Be Discounted by the Analyst
How the Current Ratio May Be Changed
Working-Capital Requirements Differ
The Owner's Stake Important
How to Read an Income Statement
Income May Be Calculated by Comparison of Balance Sheets
A Real Income Statement Is Desirable
The Sales Figure Is Most Useful
Stock Turnover a Valuable Index of Efficiency
Railroad Accounts Are Very Detailed
Every Statement Should Be Certified by an Auditor
Rails and Utilities-Victims or Beneficiaries of Regulation?
Railroads and Utilities Are Strictly Regulated
Both Advantages and Disadvantages in Regulation
Results of Trading on the Equity
A Top-Heavy Capital Set-Up Attractive to Speculator
Stocks of Soundly Financed Companies Usually Move Slowly
How Railroad Efficiency May Be Judged
The Analysis of Industrial Stocks
Growth of Business Giants
An Example of Foresight
Prosperity in Cigarettes
Horses and Tractors
How Steel Stocks Are Compared
Mechanical Analyses Worthless, Judgment Essential
Studying Industries
How Leadership Is Attained
The Romance of Buried Treasure
Vicarious Adventure
The Lure of Mining Promotions
A Mine More Than an Ore Body
Promising Prospects Seldom Publicly Financed
It Takes Time to Make a Mine
The Tendency Toward Consolidation in Mining
Oils More Like Industrials
Profits in Financial Surgery
What a Change in Management Can Do
Receivership for Crippled Companies
The Receiver's Duties
Technique of Reorganization
Why the Stockholder Is Pampered
The Banker's Interest in Reorganization
A Great Railroad's Early Difficulties
Trading in Unlisted Securities
How Securities Are Quoted
Always a Spread Between Bid and Asked
Selecting an Unlisted Broker
Unlisted Stocks as Collateral
Sometimes Bargains in Obscurity
The Stocks of Financial Institutions
Cream of the Unlisted Market
Analyzing a Bank Statement
Technicalities of Insurance Accounting
Options and Arbitrage
A Mystery Worth Understanding
How Options Are Quoted
Gambling on a Shoe-String
Options as Insurance
Maker of an Option Not a Fool
Long-Term Options an Attractive Field
The Disadvantages of Options
How to Value Rights
Arbitrage in Reorganization
When Speculation Becomes Investment
The Margin Trader's Mental Slant
Business Management of a Given Fund
Twelve Rules for the Speculator
Why Dividend Yield Is Not Important
Successful Speculator Must Back His Own Judgment
The Danger of Overtrading
Reasonable Prospects for the Speculator