Excerpt from The Careful Investor
American investors, under our crude and careless methods of finance, have lost incalculable amounts of money by purchasing bad securities. Not alone has the "get-rich-quick" company preyed upon the investor, but hundreds of millions have been lost in the bonds and stocks of railroad, public-service, and industrial corporations - securities often issued under the auspices of responsible and respected banking houses, but which, either because of defects in the securities which a careful preliminary examination would have disclosed, or because of bad financial management, have failed to come up to expectation.
Made wise by costly experience, the American investor has grown critical in recent years. He is disinclined to speculate. He looks for security before income. He asks many questions concerning assets, earnings, the quality of management, the strength of franchises, the extent of monopoly control possessed by the companies into which he puts his money.
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