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Philip L. Carret (1896-1998) was a famed investor and founder of The Pioneer Fund (Fidelity Mutual Trust), one of the first Mutual Funds in the United States. A former Barron's reporter and WWI aviator, Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had "e;the best long term investment record of anyone I know"e; He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett's role models.This book comprises a series of articles written for Barron's and published in book form in 1930.-Print Ed.
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