Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—stock gambler, long side, short account—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #73647
STOCK MARKET TRANSACTIONS APART FROM GAMBLING
The Psychology of Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines STOCK MARKET TRANSACTIONS APART FROM GAMBLING, using the author’s early-twentieth-century investment framework to explain how investors were expected to judge security quality, income, risk, and market conditions. It opens from the chapter’s own discussion: The thought of becoming a stock “gambler” was farthest from this man’s mind; for gambling in any form was contrary to his code of ethics. But buying and selling legitimate commodities could not be construed as gambling; therefore stocks and bonds, being legitimate commodities, could be bought and sold without doing violence to the most sensitive conscience.
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around stock gambler, long side, short account may differ sharply from modern markets.
Loading chapter text...