"BESIDE THE SELECTION OF THE INDUSTRY, OTHER CONSIDERATIONS OF INVESTMENT ARE UNIMPORTANT": FIRST EDITION OF THE EBB AND FLOW OF INVESTMENT VALUES, 1939

MEAD, Edward Sherwood and GRODINSKY, Julius. The Ebb and Flow of Investment Values. New York and London: D. Appleton-Century, 1939. Octavo, original burgundy cloth, original dust jacket. $1650.

First edition of this post-Crash work offering a new theory of investment and investment policy for a surplus economy, in scarce original dust jacket.

In this work, written after the post-Crash failure of some of the country's strongest industries, Mead and Grodinsky set out a revolutionary new theory of investment. Attempting to both minimize the risk and simplify investment policy, the pair argue that the sole consideration in investment should be the selection of the industry in which one wishes to invest. Thus, investors must focus their energies on identifying growth industries and then, once stocks are purchased, stay alert for signs of obsolescence and decay. The entire theory, then, is much more manageable than its predecessors as it allows the investor to focus on broad trends in industry rather on the complexities of individual stocks. First printing, with "(1)" on last page of text.

Book fine, scarce, bright dust jacket with only a few tape repairs including one to recto and mild toning to spine. A handsome copy in near-fine condition.