I made a litery effort on behalf of N.H.&L. a series of three little pamphlets bearing the title "Lessons for Investors" At the cocky age of twenty-five. I didn't realize the pretentiousness of the title nor my arrogance in presuming to instruct an investment public that averaged at least twice my age. Yet I believe that what Isaide made good sense. I am particularly proud of my strong argument for the purchase of sound common stocks at a reasonable price. Its crux was the then revolutionary statement that "if a common stock is a good investment, it is also an attractive speculation." For, said I, if it gives the investor full value for his money, if its market value is substantially less than its intrinsic value, it should also have excellent prospects for an advance in price. This was indeed a sound conclusion so long as the huge genral public didn't act upon it. When that happened, several years later in the great bull market of the 1920s, investors forgot all about the safeguard of a responsible price and thus turned what formerly were sound investments into the most exagerated and dangerous speculations.