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July 4, 1959


Author Affiliations

President, Madison Fund, Inc.

JAMA. 1959;170(10):1227-1228. doi:10.1001/jama.1959.63010100022022

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The recent flood of warnings about the dangers of speculation makes it perhaps advisable to lay down a few ground rules to help the physician evaluate the spate of hot tips, hunches, and highly erratic glamour shares which currently deluge the financial community—and unfortunately are sometimes passed on to the public as "investment advice."

In a declining, or bear, market, warnings about speculation are generally unnecessary. Only the skilled professional investor, thoroughly informed amateur, or born gambler risks his money in the face of a widespread downward trend. But in an aggressive rising, or bull, market, speculation tempts almost everyone, and the average investor is not immune to the lure of fast capital gains.

Spearheading the recent breakthrough of the Dow Jones industrial averages of, first, the 600 level, and almost exactly two months later reaching the 630 point, has been a sustained though not always justified interest in what

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