The Game in Wall Street

I generally don’t recommend books on speculation to people. Most that I have read are either worthless or misleading. And in any case it is one of my most strongly held beliefs that 99% of the people interested in speculation SHOULD NOT SPECULATE.

Having said this I want to tell you about an 80 page paperback I have just read. It is entitled “The Game in Wall Street, and How to Play It Successfully”. Its anonymous author calls himself “Hoyle”. It was written in 1898, more than 100 years ago.

There is more truth and straight talk about markets in this little book than I have encountered in any book I can recall reading. “Hoyle” explains that the markets will separate you from your money if you play the game like an amateur. He emphasizes repeatedly that the professional trader looks for his buying opportunities when prices are relatively low and his selling opportunities when prices are relatively high. He also emphasizes the importance of trying to trade in harmony with the direction of the “bull campaigns” and the “bear campaigns” which typically last several months. Each year usually sees at least one of each.

I especially like “Hoyle’s” Hint Fourteen. He says, “One must take broad views and look ahead, in order to succeed in Wall Street. There everything is anticipated. If bad news is expected, do not sell after the worst is known, but buy. …..Anticipate! Anticipate!! Anticipate!!!”