Excerpt from Investment, Vol. 23
The subject of investment, regarded as a body of knowledge, is an assemblage of material derived from many different sources. One can recognize in it ideas taken from law, from accounting, from corporation finance, from mathematics, and from the general literature of industry and commerce.
The matters which appear to be in some degree exclusive to the subject are the study of security fluctuations and trade cycles, together with information as to the technique of trading. To deal exclusively with such subjects would mean writing a book upon speculation rather than upon investment. Altho investment and speculation cannot be kept entirely apart, it is precisely because investment rests upon the bases of organized knowledge above referred to, that it aspires to be scientific in method, while speculation is an art.
In presenting a general text upon investment, which aims to preserve some sort of balance and proportion between the various topics, an author must lay aside, or severely abbreviate, his special studies, and offer a book of general or introductory character. Of the utility of such books there can be no question. The daily losses of investors' capital bear sufficient testimony to that.
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