- Taschenbuch: 364 Seiten
- Verlag: Fraser Pub. Co.; Auflage: Reprint (1. Juni 1984)
- Sprache: Englisch
- ISBN-10: 0870340506
- ISBN-13: 978-0870340505
- Größe und/oder Gewicht: 13,3 x 2,5 x 19,7 cm
- Durchschnittliche Kundenbewertung: 2 Kundenrezensionen
- Amazon Bestseller-Rang: Nr. 4.159.942 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
- Komplettes Inhaltsverzeichnis ansehen
Art of Speculation (Englisch) Taschenbuch – 1. Juni 1984
|Neu ab||Gebraucht ab|
Es wird kein Kindle Gerät benötigt. Laden Sie eine der kostenlosen Kindle Apps herunter und beginnen Sie, Kindle-Bücher auf Ihrem Smartphone, Tablet und Computer zu lesen.
Geben Sie Ihre Mobiltelefonnummer ein, um die kostenfreie App zu beziehen.
Wenn Sie dieses Produkt verkaufen, möchten Sie über Seller Support Updates vorschlagen?
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. -- Dieser Text bezieht sich auf eine andere Ausgabe: Taschenbuch.
"Speculation is no simple business..Indeed, speculation requires broader knowledge, closer attention, sounder judgment than the average business." Published in 1930, on the heels of America's greatest depression, Philip L. Carret's classic is a perceptive and complete examination of speculation and its vital role in our economy. Carret, a Wall Street legend and founder of one of the first mutual funds, was one of the greatest minds tackling the intricacies of business, finance, and speculation. With clarity and precision, he presents the history of the profession, the relationship between speculation and business, and the fundamentals-bonds, securities, derivatives, and stocks, as well as the more complex areas of analysis, margins, and arbitrage. Not one detail is overlooked. In the final chapter, Carret distills the essence of his wisdom into 10 Commandments for Speculators. There is brilliance in their simplicity-in fact, it is clear why Warren Buffett once called Carret one of the greatest investors of all time. Even now it is hard to imagine success without a commitment to these rules. -- Dieser Text bezieht sich auf eine andere Ausgabe: Taschenbuch.Alle Produktbeschreibungen
Derzeit tritt ein Problem beim Filtern der Rezensionen auf. Bitte versuchen Sie es später noch einmal.
Aber der Stil des Buches ist sehr einschläfernd, Beschreibungen ziehen sich oft ohne daß es so recht vorangeht, ich mußte sehr kämpfen, besonders am Schluß. Was ich dafür bekam, war ein netter Einblick in die Vergangenheit und ich denke auch, daß es sich gelohnt hat... aber irgendwie fehlte der Knaller, das Aha-Erlebnis. So viel das Buch gelobt wurde, es ist wohl nur für harte Investment Fanatiker interessant. Man sollte schon ein gewisses Vorwissen und jede Menge Interesse mitbringen. (Dies ist eine Amazon.de an der Uni-Studentenrezension.)
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.
Die hilfreichsten Kundenrezensionen auf Amazon.com
He was the founder (in 1928) of the Pioneer Fund which he ran for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had "the best long term investment record of anyone I know". (This is actually the longest measured successful period, confirmed by the book "The World's 99 Greatest Investors".)
However, he was not off to a good start since the fund lost money in the stock market crash of 1929 and the Great Depression that followed, but from the mid-1930's Carret had an amazing performance. How many would have stayed with his/her investment philosophy after negative returns for such a long time?
Two years after starting the fund ''The Art of Speculation", was published. It was originally written as a series of articles for Barron's in 1927 and described the process he used for his investing. He was around 30 years writing these articles/book and starting the fund. To keep one's head cool living through the mother of all bullmarkets is clearly an achievement in itself, especially when being in the early 30's.
Keep in mind that Benjamin Graham's Security Analysis was published in 1934. My guess is that The Art of Speculation meant a lot to Mr. Graham and you could argue that the contents of the two books are rather similar. However Carret's book is clearly the lighter version. The good news then is that this book is a much easier read, and also I think it makes some very good observations in the end. The text is obviously dated and irrelevant in some instances and sometimes the author is a bit slow to make obvious points.
The book is beautifully wrapped up in the last chapter with "Twelve commandments for the speculative investor". These and his comments have travelled well since they were written. My top 4 are below.
* At least once every six months, reappraise every security held;
* Seek facts diligently, advice never;
* Borrow money sparingly and only when stocks are low, money rates low and falling and business depressed;
* Set aside a moderate proportion of available funds for the purchase of long-term options on stocks in promising companies whenever available.
The author's intro: Successful speculation requires capital, courage and judgment. The speculator himself must supply all three. Natural good judgment is not enough. The speculators judgment needs to be trained to understand the multitudinous facts of finance. It is the hope of the author that this book can be of assistance in that connection.
I agree with his statement and hope that many more read this wonderful book.
This is a review by investingbythebooks.com
What the author describes as speculation is really, today, just investing that is a little more risky than buying a stock for the dividends. He describes how to interpret financial statements, how the market works, and what to look for in industrial and railroad stocks. He also discusses trading in unlisted securities and investing in options.
Sure the book is old, but it is still very valuable.