The Ups and Downs of Common Stocks : The book every investor should own by George Alvin Cowee
New York : Vantage Press, 1960. First edition, first printing. Hardcover. 120 pages ; 21 cm. $3.00 dust jacket. A few rips and tears to dust jacket. Chip to head of spine. Spine tail bumped. Foxing to front and rear endpaper. Bookplate on flyleaf. Pages are unmarked. Binding is firm.
This book was written to provide the average investor with the basic, principles investing his money in securities wisely and well . . . and to alert him to the pitfalls, awaiting those who still cling to the get-rich-quick theory and other exploded myths.
The average investor does not need a specialized knowledge of the stock market, but he does need to know and apply his knowledge of certain controlling factors, says Mr. Cowed "A large percentage of those who lose money in the long run do so simply because they do not know or do not adhere to—the fundamental principles of investing it."
Writing from a strictly common-sense approach, the author reviews the make-up of the stock exchange; the securities fields—stock and bond; the characteristics of bull and bear markets; market movements, from brief fluctuations to long swings; the effects of politics, legislation, and the international situation upon the market, and other essential background information.
Then he sets down a set of telling maxims for the investor. Among them: be wary of "tips" and "inside" infor¬mation-avoid speculation and stick to investing; avoid buying a stock just because someone else buys it; don't sell short—and don't buy on margin, both unwise practices for the average in¬vestor; diversify your holdings; when trying to buy stocks at around the bot¬tom levels, don't chase them up on temporary rallies; remember that the money rates are a very important factor; and, bearing in mind that much of the mass output pouring forth from services and prognosticators is not necessarily reliable, use your own best judgment based upon facts.
How to ascertain the facts? These pages tell you; and the author appends to his text a list of securities which gives a representative cross-section of American industry.
"The objective of this book," says its author, "is to provide the average in¬vestor with the fundamental principles of investing his money at oppor¬tune times in stocks which should have a brilliant future over the long pull. Like many another human endeavor, whether it be driving a car, swimming, selling goods, or playing golf or bridge, making money from invest¬ments is not difficult-if you know how!"
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