The solid fortunes have been amassed through invest ment and not made by speculation. They have been built up by men who have developed character and will-power, who have created depth and breadth Of mind through concentration and experience, rather than by men of exceptional native brilliancy. The serious practice of investment is a sturdy and businesslike pursuit. It is, in fact, at the root of every business. As an art, it depends on no mystery or occult secret. It consists of learning facts that are within the common reach and Of applying principles capable Of being assimilated. The purpose of this book is to present an outline of principles; it is not a manual Of facts. The discussion, moreover, is confined to the principles governing the investment of personal funds, excluding the canons of institutional and trustee investment, which is concerned with the funds of others. Yet even as thus limited, the subject is vast and the outline presented is not intended as an exhaustive treatment but merely as a foundation for orderly reasoning and inquiry.