FUNDAMENTALS OF PROSPERITY by Roger Babson - FULL AudioBook | - Business, Success, & Self-Help - Excellent financial advice from the entrepreneur who predicted the Wall Street Crash of 1929! Roger Ward Babson (July 6, 1875 – March 5, 1967), remembered today largely for founding Babson College in Massachusetts, was an entrepreneur, businessman, economist, author, philanthropist, and and business theorist in the first half of the 20th century. He also founded Webber College, now Webber International University, in Babson Park, Florida, and the defunct Utopia College, in Eureka, Kansas.
Roger attended MIT and worked for investment firms before founding, in 1904, Babson's Statistical Organization, which analyzed stocks and business reports. It continues today as Babson-United, Inc.
While attending MIT he received a degree in Engineering. He lobbied the dean to include a business course, which resulted in a course known as "Business Engineering". This was the start of Business being taught at an American University. Eventually the Business Engineering program was expanded and it is now seen as the fore runner of the MBA degree.
Babson authored more than forty books on economic and social problems, the most widely read being Business Barometers (eight editions) and Business Barometers for Profits, Security, Income (ten editions). Babson also wrote hundreds of magazine articles and newspaper columns. He was a popular lecturer on business and financial trends.
Babson was an investor and sometimes director of many corporations, including some traded on the New York Stock Exchange. He established an investment advisory company Babson's Reports which published one of the oldest investment newsletters in America. (Summary adapted from Wikipedia.org)
From the Preface of "Fundamentals of Prosperity": "What these principles are and whence they come to us. "The fact is, we have become crazy over material things. We are looking only at the structure above ground. We are trying to get more smoke from the chimney. We are looking at space instead of service, at profits instead of volume. With our eyes focused on the structure above ground, we have lost sight of those human resources, thrift, imagination, integrity, vision and faith which make the structure possible. I feel that only by the business men can this foundation be strengthened before the inevitable fall comes."
On September 5, 1929, he gave a speech saying, "Sooner or later a crash is coming, and it may be terrific." The Wall Street Crash of 1929 and the Great Depression soon followed.
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Babson's "Ten Commandments" of Investing:
1) Keep speculation and investments separate.
2) Don't be fooled by a name.
3) Be wary of new promotions.
4) Give due consideration to market ability.
5) Don't buy without proper facts.
6) Safeguard purchases through diversification.
7) Don't try to diversify by buying different securities of the same company.
8) Small companies should be carefully scrutinized.
9) Buy adequate security, not super abundance.
10) Choose your dealer and buy outright (i.e., don't buy on margin.)
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Chapter listing and length:
01 Foreword - 00:04:21
02 Ch 1 - Honesty or Steel Doors? - 00:07:15
03 Ch 2 - Faith the Searchlight of Business - 00:07:49
04 Ch 3 - Opportunity - 00:07:12
05 Ch 4 - Coöperation—Success by Helping the Other Fellow -00:07:27
06 Ch 5 - Our Real Resources - 00:07:19
07 Ch 6 - Study the Human Soul - 00:05:00
08 Ch 7 - Boost the Other Fellow - 00:05:02
09 Ch 8 - What Truly Counts - 00:06:15
10 Ch 9 - What Figures Show - 00:07:08
11 Ch 10 - Where the Church Falls Down - 00:07:21
12 Ch 11 - The Future Church - 00:08:09
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