Investment and Speculation. by CHAMBERLAIN, Lawrence, & William Wren Hay - 1931: Studies of Modern Movements and Basic Principles.

New York: Henry Holt and Company, 1931. The best-selling post-Depression common stocks analysis First edition, first printing, of the best-selling post-Depression common stocks analysis written by two leading financial experts, which includes the often quoted statement, "Common stocks, as such, are not superior to bonds as long term investments, because primarily they are not investments at all. They are speculations" (p. 55). Chamberlain and Hay conclude that only bonds could be considered stable investments. Chamberlain, an investment banker, was also the author of the equally successful book, Principles of Bond Investments (1911). Octavo. Original black cloth, spine lettered and ruled in gilt, publisher's device blind-stamped to front board. With the publisher's order form laid in. Ownership signature to front free endpaper. Extremities gently rubbed, boards a little cockled and marked, a couple of spots to contents, a very good copy. Dennistoun & Goodman 486.