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The Art of Speculation, by Philip L. Carret
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“The Art of Speculation” by Philip L. Carret is considered a classic of the value style of investing. It has been published and reprinted many times. It is one of those books that never grows old or gets out of date. The author, Philip Lord Carret, was the founder of Fidelity Mutual Trust, now Pioneer Investments. It is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, one of the first and one of the largest mutual funds in the United States.
- Sales Rank: #6618971 in Books
- Published on: 2015-12-07
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .85" w x 5.00" l, .63 pounds
- Binding: Paperback
- 376 pages
Amazon.com Review
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.
From the Back Cover
"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 in 24-carat prose." --from the Foreword by Victor Niederhoffer
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
About the Author
Philip L. Carret was born November 29, 1896 Lynn, Mass., the only child of a 51-year-old lawyer and a 39-year-old social worker. After graduating from Harvard College in 1917 with a degree in chemistry, he enlisted in the Army Signal Corps, a predecessor to the Air Force, where he was trained to fly the Sopwith Camel airplane. He was sent to France, but the war ended before he saw combat. He was manager of the Pioneer Fund, a mutual fund he founded in 1928. Mr. Carret came upon the idea for an investment pool four years earlier while working as a financial reporter at the Boston News Bureau, whose publisher, Clarence W. Barron, later lent his name to the financial weekly Barron's, where Mr. Carret also worked. Mr. Carret gathered $25,000 contributed by friends and family to start the investment pool, which evolved into its current incarnation as a mutual fund. The fund lost money in the stock market crash of 1929 and the Great Depression that followed, but from the mid-1930's through his retirement as its manager in 1983, Mr. Carret led the Pioneer Fund to some of the best long-term returns in the fund industry. Mr. Carret was the author of several other investment books, including ''Buying a Bond,'' originally written as a series of articles for Barron's magazine and published as books in 1924 and 1930, respectively and in 1991 he released ''A Money Mind at Ninety,'' an anecdotal autobiography. He died on May 28, 1998 at Mount Vernon Hospital in Mount Vernon, N.Y., where he was recovering from hip surgery. He was 101. He was survived by a son, Donald, of Manhattan; a daughter, Diane, of Pawling, N.Y.; 12 grandchildren and 15 great-grandchildren.
Most helpful customer reviews
22 of 24 people found the following review helpful.
An abbreviated Graham & Dodd
By Georgina
There is alot to this book that makes the reader think...the beginning chapters on what is speculation and what is gambling, I found invaluable. As a full time trader I needed someone to explain to me why I wasn't just a river boat gambler, or for that matter why all the Brokerage & Banks weren't either, and Mr Carret did beautifully, putting speculation in its proper place in the trade annals of all mankind.
The bulk of the book gives one a short course in Graham & Dodd valuation & why the Internet stocks with no sales/no profits were bound to come to earth (sorry AMZN :-)
Yes he talks about mining and railroads but don't they still exist? Or their counterparts? Railroads are transports; mining is r/d semis and electronics, energy & of course minig. The ideas are the same. Do a little thinking & this book is sheer gold.
I will not say that I overstayed in the valuation parts but I do admit it was good to understand & what to look for whilst reading the various trade papers. Exactly why do profits matter?
Finally, the chapter on volatility...haven't we all been caught in volatility is priceless. It's helped me in my trading immeasurably.
I saw Mr Carret on Lou Rukeyser when he was in his 90's & still working. He impressed me then, vigorous in mind & body, & I was saddened to hear that he died at 101 just 2 years ago. This book like the man, is a time that is lost to all of us & thus with the Internet bubble we were condemned to repeat it.
I wish I had read him earlier. Honestly.
God Bless you Mr Carret & Thanks
19 of 21 people found the following review helpful.
Great Information - Difficult to Digest
By Amazon Customer
Mr. Carret was a well-respected financier who spent a lot of time and thought putting to paper the ideas that helped him build a fortune for himself and his clients. The ideas that he writes on, value-investing, market forecasting, evaluating a company's R&D prospects are relevant to this day, and are valuable given the age of the text.
However, this is a somewhat difficult book to read, indeed arguably one of the most difficult to read texts in the Wiley Investment Classic series. With that in mind, I would only suggest it's reading to the dedicated financier who has already digested many of the other fine historical banking books that are available.
Again, this is a good book, but it's wording is old and often not very direct. The graphs and charts need further touching up as they are also somewhat difficult to decipher.
18 of 20 people found the following review helpful.
A dry, yet enlightening book on speculative investing
By Adam F. Jewell
Originally written in the 1930's "The Art of Speculation" examines and explains strategies, tactics, and vehicles for speculating in the financial markets.
The author begins by defining speculation as opposed to investing or gambling. Markets and their inner workings are defined, as well as the stocks, bonds, and other speculative investment opportunities. Several methods for timing the market, utilized at the time of writing are explained and for the most part dismissed, which undoubtedly have parallels in the modern financial world of today.
Forecasting of the financial markets is discussed as well as the methods for increasing leverage, primarily, trading on margin. Strategies for minimizing risk, hedging, shorting, as well as put and call options are examined and discussed in detail. Specific industrial sectors covered include railroad (remember we're back in the 20's and 30's for this book) industrial stocks, utilities, and mining operations. An enlightening discussion of the business and investment potential of oil and mining stocks is presented. It serves to educate the reader on which links in the chain of exploration, development, transportation, processing, and retail sale of these industries are most suited for differing speculative risk tolerances. As we jump ahead 70 years to the markets of 2000, the reader can translate, and apply these analysis to companies occupying comparable positions and strategies in the Dot-Com world, and modern business in general.
If you've got some time to kill, there is plenty of valuable information in this book. It took me a while to get through it, cause frankly it's just not an exciting read. It may very well put you to sleep. If you are simply looking for an intro to investing and getting finances under control, one of the "Dummy" books will be a much better, more practical book to read. Buy this book if you are interested in an historical perspective on speculative investing, which is in many ways applicable to the financial markets of today.
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