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This investment classic originally appeared as a series of articles written for Barron's and was first published in book form in 1930, representing one of the earliest comprehensive guides to value investing principles that would later influence legendary investors like Warren Buffett. The REVISED edition is very important because it came 4 years after the original publication which includes important revisions. The work examines speculation not as gambling, but as an intelligent approach to investing that requires "capital, courage and judgment," as Carret explains in his preface. The book covers fundamental investment analysis, including reading balance sheets and income statements, understanding market mechanics, evaluating stocks and bonds, options trading, arbitrage, and market timing strategies. Carret argues that successful speculation requires studying business values rather than following market trends, advocating for long-term investments in undervalued companies with strong earning power. His twelve commandments for speculators remain relevant investment principles nearly a century later. About Philip L. Carret (1896-1998) Philip L. Carret was a Wall Street legend who founded The Pioneer Fund (originally Fidelity Investment Trust) in 1928, one of the first mutual funds in the United States. A former Barron's reporter and WWI aviator, Carret managed the Pioneer Fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett called him "one of my heroes" and said he had "the best long term investment record of anyone I know". Carret recognized Buffett's potential early and was one of the first investors in Berkshire Hathaway. Historical Significance Published four years before Benjamin Graham's seminal "Security Analysis," this work introduced many similar value investing concepts. The book appeared just two years after Carret launched his mutual fund and captured his investment philosophy developed during the Roaring Twenties, published on the heels of the 1929 market crash. Victor Niederhoffer praised the work as "laden with insights and studies that are as fresh today as newly cut grass" with topics that were "timeless in 1931 and written in 24-carat prose" Philip Carret, speculation, investing, value investing, Warren Buffett, Pioneer Fund, mutual funds, stock market, Wall Street, Barron's, financial history, business books, investment classics, collectible books, dust jacket, 1930s, Great Depression era, antique books, rare books. Excellent copy with original dj. The DJ has some wear on the top and bottom of the spine and some wear to the corners.
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