Daily Speculations

 

Summer Spec Drawing!

 

Win an official Old Speculators Association walking stick

with gold handle, valued at $1500!

 

Now let us say thanks to you. In appreciation of everyone who bought our book, Practical Speculation, we are giving away an official Old Speculators Association walking stick with gold handle. To enter, just e-mail your name to gbuch@bloomberg.net. No hidden agenda--your information will be private because our book is subversive to all promotions.

 

Enter now! Enter often!

 

The drawing will be held 1 p.m. Sunday, June 29, Central Park Conservatory Garden, 105th Street and Fifth Avenue, at a gathering hosted by the Old Speculators Association. Meet Vic and Laurel, and talk about investments. All readers are invited!

 

The winner of the drawing will be invited to attend the Fourth Annual Spec Party in the Connecticut countryside on Saturday, Aug. 9.

 

 

As Henry Clews wrote in Twenty-Eight Years in Wall Street (1887):

 

“But few gain sufficient experience in Wall Street to command success until they reach that period of life in which they have one foot in the grave. When this time comes, these old veterans of the Street usually spend long intervals of repose at their comfortable homes, and in times of panic, which recur sometimes oftener than once a year, these old fellows will be seen in Wall Street, hobbling down on their canes to their brokers’ offices.

 

“Then they always buy good stocks to the extent of their bank balances, which they have been permitted to accumulate for just such an emergency. The panic usually rages until enough of these cash purchases of stock is made to afford a big “rake in.” When the panic has spent its force, these old fellows, who have been resting judiciously on their oars in expectation of the inevitable event, which usually returns with the regularity of the seasons, quickly realize, deposit their profits with their bankers, or the overplus thereof, after purchasing more real estate that is on the up grade, for permanent investment, and retire for another season to the quietude of their splendid homes and the bosoms of their happy families.”

 

 

This is our way of saying “Thanks” to our readers for all the letters, comments, ideas and especially the kudos we’ve received about our book, Practical Speculation!