Fred C. Kelly

William J. O'Neil

Why You Win or Lose: The Psychology of Speculation by Fred C. Kelly is a timeless exploration of human behavior in financial markets, delving into the psychological forces that drive investors and speculators. Published in the early 20th century, this classic book emphasizes that success in speculation is not solely about financial knowledge but largely about understanding human emotions, crowd psychology, and decision-making processes. Kelly offers valuable insights into the irrational behavior of market participants, the dangers of emotional trading, and the importance of discipline and self-awareness in investing. By dissecting common psychological pitfalls—such as greed, fear, and the herd mentality—Kelly provides readers with practical advice on how to approach speculation with a calm, rational mindset. This edition includes an insightful epilogue by William J. O'Neil, founder of Investor's Business Daily and author of the bestselling book How to Make Money in Stocks, who highlights the enduring relevance of Kelly's principles in today's financial world.