Customer Reviews

Speculation As a Fine Art and Thoughts on Life (Fraser Publishing Library)

5 star:		(6)
4 star:		(0)
3 star:		(2)
2 star:		(1)
1 star:		(1)

 

 

This booklet was written by cotton trader, Dickson G. Watts in the 1880s. The first few pages are an excellent summary of the required state of mind for the successful trader. The rest of the booklet consists of epigrams on how to have and enjoy a good life. The author seems to assert (correctly, I believe) that internal balance and a positive relationship with one's environment are both necessary prequisites for true success.

As good as it is, this booklet would have most likely gone out of print years ago if it had not been mentioned in Lefevre's "Reminiscences of a Stock Operator," the bio of Jesse Livermore. Livermore is quoted as saying that Watts "wrote the book on speculation."

"There is no royal road to success in speculation....Those who make for themselves or others an infallible plan delude themselves and others." The best book on speculation you can read. The above passage is as true today as it was in 1880 when Watts wrote it.

There is some great information in this book. The end result is that a trader has to find what works for him. This way he will keep the most important trait in trading, his head. Staying calm when others panic, keeping a cool head under all conditions, is the most important trait a trader can have. The guidelines spelt out in this book help a trader develop into a trader that can keep his/her cool.

This book was quoted several times in "Reminicences of a Stock Operator" for a reason. Livermore greatly admired Watts as a trader, and so should we. A great book, a real classic.

I had to add this book to my library due to it being mentioned by the cloaked "Jesse Livermore" in reminiscences of a stock operator. I am a successful trader and read all things related to Jesse Livermore. This book only consisted of 43 pages and a nice card board cover. It contains seven pages of stock trading advice, yes 7, that is it. The remaining pages have some proverbs about life, which if you are mature in years you will probably find light reading. One of the proverbs is "If speculation keeps you up at night, sell down to the sleeping point". which is excellent common sense advice. The stock trading tips are:
1. Never over trade
2. Never reverse a position and go the other way.
3. Run Quickly or not at all.
4. Reduce your position when doubtful.
5. It is better to average up than down in a position (I completely agree)
6. Do not ignore public opinion.
7. Sell in weak markets.
8. Always factor in chance in your trading.

This is probably one of the first books ever written on speculating so it may have been why it was mentioned, their were no others. I would say skip this one and buy any of these to really learn in detail about speculating:

"How I made $2,000,000 in the stock market" Darvas
"How to trade in stocks" Livermore
"How to make money in stocks" O'Neal

Is there a difference between speculation and gambling? We often relate gambling with speculation as being the same thing. Dickson G. Watts successfully compares and contrasts both activities. Not only does his work provide the insides on speculation, but is also involves Watts's experience in the New York Cotton Exchange with the qualifications necessary to become an intelligent investor.

This was one of the last books I've bought on trading. Considering this was first published decades ago--I guess it is an apt reminder for a person like me--a person, in search of knowledge about markets and about life. The truths about markets and life are so simple and universal that we probably know them already, but take them for granted. Instead we prefer to waste our time in more "complicated" answers.

This is truly a very rare book. Succinct, wise and practical. The first and last book on speculation. Its relevance can seen, if we understand that any speculator big or small...is essentially battling the market with his 'mind'. This simple book of hardly "7 pages" (in fact it is just an essay)....explains all one needs to know about the 'mind' and the 'market'. Totally devoid of meaningless jargon.

I can't say the book doesn't tell important things, but reading it (half an hour) I felt like ... having recieved "Ten Commandments"!

Do they tell you right things? (mainly) yes!
if you red them, would you be able to be a better person? .... mmh ..here is the problem.

I like to read books that force readers to think, but I believe that having said right things it's not all: only showing the big picture around, examples, how to overcome typical difficulties, etc.. one person could share a complete message for a path.

I'll think on the points presented by the author in the book, but I'm sure that few pages more would have helped me much...

This is a short read, to the point, accessible, and filled with wise words. This is an essential read, not just for investors.

If you are reading this review, you are surely off the road well traveled. As such, Speculation As A Fine Art is more of a pamphlet than a book as it is only 45 (printed pages) long. Nevertheless, worthy of any market analyst's bookshelf.

The suspected author was Dickson G. Watts that was President of The New York Cotton Exchange in 1878 and 1880. It is unknown if he originated the thoughts or just passed them along, but good advice whether he did or not. Such advice is `Speculation is a venture based on calculation. Gambling is a venture without calculation'. From the quotes on business section, `Make your theories fit your facts, not your facts your theories'. In all, mostly a quote collection except for the 1st section on speculation.

The pamphlet is divided into five (5) parts:

1) Speculation As A Fine Art
2) Quotes on Life
3) Quotes on Business
4) Quotes on Society
5) Quotes on Language

Nothing more than a list of semi insightful maxims by a guy you never heard of nor have any reason to. A total waste of time. What were they thinking ?