Dickson G. Watts的《投机艺术》是一本很薄的小册子，薄的你用不了一个小时就能读完。但是页数的单薄并不能掩盖其内涵的丰富。他对交易的洞见，对生活的哲思，无不用平实白描的语言娓娓到来，就像和你一起喝茶的老者，平心静气的谈着自己花费一生得到的真知灼见。这时，请你静下心来，只须侧耳倾听即可。
《投机艺术》
作者：迪克森·G·沃兹
本翻译内容仅供投资者学习用，不可用于任何商业目的，张轶不负任何法律责任。
版本：2009年01月29日。
翻译目的：本书是《股票作手回忆录》和《克罗谈期货交易策略》提到的书。
copyright 1965 traders press new york, n.y.
薏仁水
纽约市交易者出版社1965年版权
frar publishing company edition, 1979
1979年弗雷泽出版公司
2nd printing, 1985 3rd printing, 1987 4th printing, 2003
1985年第2次印刷，1987年第3次印刷，2003年第4次印刷
isbn: 0-87034-056-5
国际标准书号：0-87034-056-5
printed in the u.s.a.
在美国印刷
foreward
前言
you have opened the tomb of a great man. his name, his hooks and his exchange have almost vanished. dickson g. watts, author of speculation as a fine art and thoughts on life, was a charter member and president of the new york cotton exchange.
你正在研究一个伟人。他的名字，他的财富，他的交易所现在都不存在了。迪克森·G·沃兹作为《投机艺术和生活感想》的作者，过去是纽约棉花交易所的会员和主席。
the revival of edwin lefevre's book, reminiscences of a stock operator, has renewed interest in the book becau "old dickson" wrote the bible for successful speculators. reference is constantly made of speculation as a fine art, yet there is not a copy in the library of congress or the new york public library. this was one of the few books written on speculation by a successful speculator.
埃德文·拉斐尔写的《股票作手回忆录》的出版引起了人们的兴趣，因为老迪克森为成功的投机者写了圣经。他的建议写成了《投机艺术》一书，但是在国会图书馆或纽约大众图书馆里面都没有这本书。这本书是成功的投机者写的投机书，比较罕见。
dickson g. watts was president of the new york cotton exchange between 1878 and 1880. this exchange was one of the greatest arenas of speculation in america. ats sold for as much as $45,000. at this writing, the bid is $770 and the trading ring is derted. the epitaph of the cotton exchange is that our great society of free enterpri supports the price of cotton above the world market. speculators cannot out-bid the government, so the price cannot go up. the price cannot drop becau uncle sam has unlimited funds. there is a remote possibility that the cotton producers will grow cotton faster than the government can print money and the market will be free again.
1878~1880年，迪克森·G重庆护照办理·沃兹是纽约棉花交易所的主席。这个交易所曾是美国最大的投机场所之一。当时席位卖45000图书节美元，写作本书时，已经降到了770美元，现在这个交易所已经被放弃了。棉花交易所的存在说明了我们这个伟大的社会支持自由企业，并支持棉花在全世界市场的价格。投资者不能超越政府，所以价格不能涨。因为美国政府的资金有限，所以价格不能跌。如果棉花生产者生产棉花的速度比美国政府印钱的速度快，那么棉花市场又可能再次成为自由的市场。
pandora's box is open. you have parts of thoughts on life and speculation as a fine art in your hands.
潘多拉的盒子打开了。你有机会亲自研究生活和投机的艺术。
did "old dickson" originate the quotations and rules of speculation or did he just pass them along? at any rate, he ud the knowledge to good advantage. can you?
这些训诫和投机原则是老迪克森发明的吗？是他从别人那里传下来的吗？总之，他用这些知识取得了很好的优势，你能做到吗？
j.r.l. 3/16/65
1965年3月16日，杰克·R·拉文
this reprint of a wall street classic is by permission of jack r. levien who was owner of traders press when it was functioning in new york. i first ran across jack in early 1965 when he was reprinting old wall street classics, as we do the days, and since then i hav
e kept track of his adventures away from wall street to holland and finally back to route 1, box 18, mcdowell, virginia 24458 where he now resides, keeping his fertile mind working in numerous areas.
杰克·隶书的写法R·拉文是纽约交易者出版社的拥有者，他同意重印华尔街的经典书籍。我和杰克1965年初第一次见面，就像我们现在重印华尔街的经典书籍一样，他当时在重印华尔街的经典书籍。我一直在跟踪他，从华尔街跟踪到荷兰，最终跟踪到的住所：24458，弗吉尼亚，麦克道尔，18号邮箱，1侨港风情街号。他一直在不断地思考中。
one of the areas has been for years his love and care for miniature books. he has produced over 40 of them, with a great variety of subject matter, typography and bindings. in past lives, jack was a printing salesman and later a stockbroker. he came first from richmond, virginia to new york and began to collect books relating to the stock market.
多年来，他一直喜爱小书。他出版了40多本小书，主题很多，印刷装订方式有凸版印刷和胶粘书。在过去，杰克是卖书的，后来做了股票经纪人。他从弗吉尼亚的里士满到了纽约，
然后开始收集关于股市的书。
his first miniature format was in 1967, with the results being stock market manipulation by edwin lefevre. the results he received from publication of this small book led him to study miniature books and publish more of them. his first five miniature publications were under the traders press label while he lived in brooklyn, new york. in holland he published under his own name and he is now back in virginia, his native land.
他的第一本小书在1967年出版的，最后的书是埃德文·拉斐尔写的，讲市场操纵。这本书的收益让他开始研究小书，并开始出版更多的小书。他前面5本小书都是以交易者出版社的名义出版的。他在荷兰的时候则用自己的名字出书，现在他又回到了老家弗吉尼亚。
james l. frar
詹姆斯·I男生qq头像·弗雷泽
burlington, vermont
佛蒙特州，柏林顿
1979
1979年
Speculation As A Fine Art
投机艺术
What Is Speculation?
什么是投机
before entering on our inquiry, before considering the rules of our art, we will examine the subject in the abstract. is speculation right? it may be questioned, tried by the highest standards, whether any trade where an exact equivalent is not given can be right. but as society is now organized speculation ems a necessity.
抗酸药有哪些
在问问题之前，在思考艺术原则之前，我们要先讨论一下抽象的主题。投机是正确的吗？也许有人有疑问，也许有人用高标准尝试过，是否对于每笔交易，如果对应的情况不存在
了，这笔交易还是对的吗？但是从现在的社会结构来看，投机是必要的。
is there any difference between speculation and gambling? the terms are often ud interchangeably, but speculation presuppos intellectual effort; gambling, blind chance. accurately to define the two is difficult; all definitions are difficult. wit and humor, for instance, can be defined; but notwithstanding the most subtle distinction, wit and humor blend, run into each other. this is true of speculation and gambling. the former has some of the elements of chance; the latter some of the elements of reason. we define as best we can. speculation is a venture bad upon calculation. gambling is a venture without calculation. the law makes this distinction; it sustains speculation and condemns gambling.
