“THE GAMBLING IDEA MUST BE PUT OUT OF THE QUESTION ENTIRELY”

GIBSON, Thomas. The Cycles of Speculation. New York: Moody Corporation, 1907. Octavo, original blue cloth. $600.

First edition of this measured approach to speculation encouraging a deep understanding of the market and business cycles.

In this influential work, Wall Street expert Thomas Gibson dismisses the idea of speculation as a gambling game and instead turns to business cycles as a way of guaranteeing better financial outcomes. Gibson’s book attempts to explain how the market actually works by focusing on issues such as the gold supply, puts and calls, and the importance of dividends to the average investor. Rather than making outlandish promises, Gibson approaches speculation from the standpoint that a well-educated investor is the investor best poised to conquer the stock market. Occasional neat underlining to text. Faint evidence of bookplate removal.

A few minor smudges to text, only light rubbing to extremities, and most minor toning to spine. A near-fine copy.