STREET DOGS
Fortune favours the brave
Wise words from The Art of Speculation by Philip Carret, first published in 1930, writes Michel Pireu
From The Art of Speculation by Philip Carret (first published in 1930): Even in the highest-grade securities there is a certain inescapable speculative risk. It is not decreased by burying one’s head in the sand like an ostrich and saying, "I never speculate." During a period of persistently declining prices a novice asked Russell Sage whether he thought stocks would rally. "They always have," was the laconic answer. Reference has already been made to the timidity of the average trader in the face of a profit, his stubbornness when faced with a loss. The explanation is probably to be found in the tardiness with which the mind adjusts itself to changing ideas of value.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.