Philadelphia, Dorrance & Company, 1966
Early advocate of common stocks. The first edition of Edgar Lawrence Smith's (1882-1971) final work on Common Stocks, published at the end of a long and formidable career in academic research and the markets. Written at his wife's suggestion for the 'New Investor', it explains in simple terms how to construct a portfolio for income and profit for long-term success.
Smith was an early advocate of the principle that stocks excel bonds in long-term yields, explaining to the New York Times in 1925 that 'I have been unable to find any twenty-year period within which diversification of common stocks has not, in the end, shown better results, both as to income return and safety of principal, than a similar investment in bonds. It was a surprise to me, for my studies were undertaken with the intention of proving the probably future advantage to be gained from bonds over stocks'.
First edition; 8vo; publisher's red cloth gilt, green dust jacket lettered in white and black, spine faded, wear to extremities, front flap price-clipped, internally crisp and clean; [10], 83, [1]pp.
Smith was an early advocate of the principle that stocks excel bonds in long-term yields, explaining to the New York Times in 1925 that 'I have been unable to find any twenty-year period within which diversification of common stocks has not, in the end, shown better results, both as to income return and safety of principal, than a similar investment in bonds. It was a surprise to me, for my studies were undertaken with the intention of proving the probably future advantage to be gained from bonds over stocks'.
First edition; 8vo; publisher's red cloth gilt, green dust jacket lettered in white and black, spine faded, wear to extremities, front flap price-clipped, internally crisp and clean; [10], 83, [1]pp.
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