Fred C. Kelly (1882-1959) was an “amateur psychologist”, writer, traveler, columnist, and even a special agent for the FBI. Kelly went on to be the official biographer of the Wright Brothers (1943). In addition, Kelly was a trader and active market participant in the late 1920’s.
In 1930, Kelly wrote: Why You Win or Lose: The Psychology of Speculation. I love reading these older books as it provides a window back in time. If this book was written today, it would not receive much acclaim, but in 1930 I’m sure Kelly’s thoughts on investor psychology were ahead of their time. Kelly said, “I learned that men win or lose not so much because of economic condition as because of human psychology.” The book doesn’t get much mention anywhere, so I thought I would highlight it. Readers must also understand that Kelly was a trader, not necessarily an investor, but many of his thoughts transcend into investing. Here are a couple snippets:
If you enjoy reading about investor-trader behavior, psychology, and are a student of market history, you will enjoy this book. You should add Why You Win Or Lose to your “Classics” library as it is short (70 pages) and inexpensive ($4.50). You can find it on Amazon [HERE].
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