futures

This is one of the books that I decided to re-read. There is a little something for everyone in this book. Technical analysis, fundamental analysis, investing and speculation. The thing that really strikes me about books like this that were written 70-80 years ago is how true they are today. Sure, when the author writes about railroads, you may have to replace that with optical equipment today, but the premise and outcomes are the same. If you want some perspective of what things were like in the 30s, with some practical application in the new century, this is a great choice.

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

There are good bits and bad bits to Phillip Caret's classic. The bits on balance sheets, P&Ls and what makes the difference between investment and speculation are very good. His style is tight and unambiguous. The message is clear. The bad side is that I found it boring and not at all the 24-carat prose that is claimed in the introduction.

Wiley has many great books in its Investment Classics series. This isn't one of them.