Introduction to investments

This book is intended primarily as an introductory textbook for college-level classes in investments. However, its subject matter and its brevity may combine to make it useful for adult-education classes and for individual reading as well. I have tried to include both sound nvestment philosophy and practical investment detail, in order to make the book broadly useful.

In preparing this second edition, as in the original edition five years ago, I have been influenced by the experiences of many years' contact with the investments field. The completed book is therefore certain to reflect many of the ideas and prejudices which I have ac cumulated through these years, both in the choice of subject matter and in the conclusions reached. With respect to the latter, I have made a conscious effort in most passages to subordinate my personal convictions to the conventional viewpoint, for it seems to me that a beginning course in any field should be built around the generally accepted philosophy and nomenclature of that field. But in the choice of subject matter and in the mode of presentation I have felt less constrained. I hold firmly to five central convictions about the na ture of an effective introductory course in investments and have fol lowed them closely in preparing this book.