"The circulation of a mere rumor that the Morgan interests are accumulating Steel or that the Standard Oil crowd is getting out of St. Paul is sure at any time to create a market following. Most of the tips that are hawked about the Street are based on the supposition that somebody-or-other of consequence is buying or selling certain stocks. I do not know of a single case where anyone has been able to make money consistently by following information of this character, even when the information comes to him first hand.
--from A Speculative Decision
In honor of tax refunds coming our way, we are highlighting
One-Way Pockets: The Book of Books on Wall Street Speculation by Don Guyon as our April Classic of the Month.
In 1917, an insider at a Wall Street brokerage firm took a close look at his company's most active traders and analyzed their trades to glean the secrets of their success... and what he found is still applicable today.
Writing pseudonymously, he here offers a wide range of sage advice about:
- buying on the way down
- determining trends
- how a bull market starts
- the correct use of stop orders
- when and what to sell short
- and much more
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