CARRET, Philip L.

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The Art of Speculation. First edition, first printing, retaining the rare jacket, of this investing manual of enduring influence, most notably on Warren Buffett. Carret proposes long-term investments in undervalued and steadily growing companies, rather than seeking a quick profit on fluctuating share prices."Four years prior to Benjamin Graham's seminal work, Security Analysis, Philip Carret introduced some similar concepts in his approach to investing. Insisting that 'the investor must speculate' Carret focuses on the study of business rather than market trends, advocating buying 'out of favour' undervalued stocks in order to take advantage of their earning power. Foreshadowing Graham's words, Carret states: 'The road to success in speculation is the study of values'. Of Carret's work Victor Niederhoffer says 'The Art of Speculation is laden with insights and studies that are as fresh today as newly cut grass... a joy to read'" (Dennistoun & Goodman, p. 156).Warren Buffett, whose approach followed Carret's principles, called him "one of my heroes" and said he had "the best long-term investment record of anyone in America" (Leek). Carret in turn recognized Buffett's potential and was one of the early investors in his holding company, Berkshire Hathaway.

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