The psychologist who tries to disentangle the interplay of human motives finds hardly a problem for his art to solve when he approaches the conscientious investor. His work has brought him savings, and his savings are to work for him. Hence they must not lie idle, and in the complicated market, with its chaotic offerings, he knows what he has to do. He seeks the advice of the expert, and under this guidance, he buys that which combines great safety with a fair income. The intellectual and emotional processes which here take control of the will and of the decision are perfectly clear and simple, and the mental analysis offers not the least difficulty. The fundamental instincts of man on the background of modern economic conditions must lead to such rational and recommendable behaviour. A psychological problem appears only when such a course of wisdom is abandoned, and either the savings are hidden away instead of being made productive, or are thrown away in wildcat schemes. Yet of the two extremes the first again is easily understood. A hysteric fear of possible loss, an unreasonable distrust of banks and bankers, keeps the overcautious away from the market. But while such a state of mind is said to be frequent in countries in which the economic life is disorderly, enterprising Americans seldom suffer from this ailment, and even the theoretical doctrine that it is sinful to have capital working seems not to have affected practically those who have the capital at their disposal. The specific American case is the opposite one, and with regard to those reckless investors it seems less clear what psychological conditions lie at the bottom of their rashness.