Common Stocks as Long Term Investments

Edgar Lawrence Smith Common Stocks as Long‑Term Investments First Edition, 1924 The Macmillan Company, New York This historic first edition of Common Stocks as Long‑Term Investments by Edgar Lawrence Smith (1924) is a foundational work in investment literature. One of the earliest and most influential arguments that common stocks outperform bonds over long holding periods, Smith’s analysis helped shift the conventional wisdom of the early 20th century toward equity-oriented investing. The book presents detailed historical comparisons of bonds and equities, demonstrating that stocks delivered higher total returns over extended periods despite short-term volatility. Its insights challenged prevailing investment norms and influenced economists and investors alike, including John Maynard Keynes. While later market events, such as the 1929 Crash, complicated the narrative, Smith’s work remains essential for understanding the equity risk premium and long-term investment strategy. Pagination: 129 pages of core text, plus preliminary pages, as in the original 1924 Macmillan printing. Format & Size: Octavo hardcover, approximately 20 cm (8 inches) tall — a standard trade book size of the period. Condition: Fine. Minimal wear to boards and spine; clean pages, free of tears or soiling; bright binding with intact cloth and sharp, clear text and name of previous owner inscribed inside the front cover. A remarkable collectible first edition for investors, historians, and serious collectors of early financial literature. …