Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—real value, technical condition, When—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #26841
When Not to Buy Stocks
Successful Stock Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines When Not to Buy Stocks, 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: There are times when stocks should not be bought, and that is when nearly all stocks have advanced beyond their real values. It is doubtful if there ever is a time when all stocks have advanced beyond their real values, but when the great majority of stocks have so advanced, there is likely to be a general decline in all stock prices.
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around real value, technical condition, When may differ sharply from modern markets.
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