Investment and Speculation. Studies of Modern Movements and Basic Principles.

CHAMBERLAIN Lawrence.; HAY William Wren (1931.)

£1250.00  [First Edition]

Available to view at our Curzon Street shop.


First edition. 8vo (220 x 160mm). xiii, [1], 322 pp. Original ribbed black cloth, spine lettered and ruled in gilt, upper cover with publisher's device in blind (a remarkably fresh, clean and crisp copy). New York, Henry Holt and Company.

The best-selling book on common stocks analysis and investment strategies following the Wall Street Crash of 1929, the authors were by two leading financial experts, the highly regarded Wall Street broker Lawrence Chamberlain, who wrote several books on bond investments including the influential Principles of Bond Investments (1911), and industry analyst William Wren Hay. The book is the source of the widely referenced statement that, 'Common stocks, as such, are not superior to bonds as long term investments, because primarily they are not investments at all. They are speculations' (p. 55). Chamberlain and Hay's conclusion that only bonds could be considered stable investments was forcefully challenged in 1934 by Graham and Dodd’s Security Analysis, which 'did not subscribe to the Chamberlain-Hay view that stock investing was inherently speculative. Instead [Graham and] Dodd, believed that the systematic application of sound analytical techniques to stock selection would enable investors to achieve solid returns with reasonable risk, even in bad market environments' (Smith, Toward Rational Exuberance). 

Stock Code: 231247

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