1925. Contents: what is a dollar worth; selecting the securities for analysis; investing during a period of declining commodity prices; stocks and bonds on the bargain counter; taking advantage of rising bond prices; man who invests periodically; investing during a period of falling and rising commodity prices; purchasing stocks and bonds immediately after a panic; skillful bond investor; periodic investor; economic conditions work to the disadvantage of the bondholder; assuming a high return for bonds; buying stocks and bonds when security prices are high; when the bond investor's holding decline in value; maximum yield on bonds; neutralizing stock and bond price fluctuations; purchase of stocks of investment standing; investment in low priced stocks; average American railroad; average American industrial; railroads vs. industrials; summary; future trend of the cost of living; conclusions.

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