Description
A Persistent Delusion (1945) by Henry W. Dunn
Alanpuri Trading, Los Angeles, CA, U.S.A., 2013. Reprint. Softcover, exact facsimile (enlarged) of the title originally published in 1945. 8.5 x 11 in., 40 pp., A Persistent Delusion, An Address by Henry W. Dunn, Professor of Finance, Harvard University, Delivered at the Second Annual Convention Investment Counsel Association of America, New York City, May 4, 1939, Originally reprinted with special permission, from the 1939 Investment Counsel Annual.
Contents: Introduction, Investment Counsel’s Function Not Market Guessing, The “Investment Counsel Profession,” Investment and Trading Distinguished, The Source of Investment Returns, “Growth Stocks” as Illustration, Complications Arising from Cyclical Factors, Possible Combination of Objectives, Investment Justification Essential, A Short Temperance Lecture, Popular Faith in Stock Market Guessing, Illustrative Experiences, Popular Belief a Delusion, The Test of Responsible Experience, A Typical Forecasting Record, Sources of Delusion Important, Emotional and Historical Factors, Wrong Teachers for Public, Plausibility of the Error, The Investment Trust Movement, Wolves in Sheep’s Clothing, Investment Counsel Sharing the Delusion, Others Too Ready to Compromise, Hopes for Conversion, Conclusion. end —
Publisher’s note: This is one of our favorite pieces. Written 75 years ago, Dunn’s main thesis was that the Financial Services Industry was doing a poor job at distinguishing for the consumer the differences between TRADING and INVESTING. One could easily argue that the same problem remains today. His 40 page thesis addresses some related topics and issues and at the end left me feeling that someone from the Financial Services Industry had just come clean with me, basically that Investment professionals are terrible speculators. (A Jerry McGuire-like manifesto). Highly Recommended Reading,40 pp., REPRINT of the 1945 printing.
A Persistent Delusion (1945) by Henry W. Dunn
