The cycles of speculation

The text explains how speculative markets move in recurring patterns, combining a theoretical overview of money and the gold supply with practical instruction on instruments and tactics. It distinguishes educated speculation from gambling, emphasizes valuation, general conditions, and trading mechanics, and analyzes dividends, options, margin, borrowing, and market averages. Chapters examine effects of business depressions, undigested securities, and commodity cycles, offer methods for computing rights and assessing safety, and propose indicators of crises alongside trading techniques. Final sections apply cycle analysis to stocks, grain, and cotton and conclude with guidance for avoiding common delusions.