In a recent conversation with a number of gentlemen who clung tenaciously to this idea of sudden riches, the writer undertook to establish his contention. Tapes were secured recording the fluctuations of sugar stock during a twenty point decline. The skeptics were given a hypothetical capital of $10,000 each, subjected to the ordinary rules of trading as to margins, etc., informed that sugar would decline twenty points before it again touched the first quotation established, and invited to “get rich quick.” The result was ridiculous in the extreme. Two of the experimenters lost their imaginary capital trying to double up and show large returns. The third took an unfair stand, by selling the maximum amount at the inception of the experiment and closing it after the 20 point decline had appeared. His operations, therefore, proved nothing. Here was a case where two traders, possessed of an absolute fore-knowledge of what was to occur, lost everything through the fault of over-speculation and the belief that abnormal returns could be made if the ultimate fate of a market could be correctly forecasted. Even if we assume that _every_ intermediate _movement_ were known in advance, that after a ten point decline there would be a five point advance, and that transactions were conducted to the full possibilities of both original margin and accrued profits, the result would not be the millions which dazzle the eyes and imagination of the unsophisticated. But to assume any such trading is foolish. The factor of safety would be wholly absent. No wise man will ever attempt pyramiding, and no foolish man who does, will succeed. In order to clear the ground for discussion or study, the first thing to eliminate is this wholly unsupported and mistaken idea of sudden riches. No matter how correct the forecast of the future may be, safety disappears in inverse ratio to the increased possibilities of abnormal returns; and with the factor of safety continually ignored, the final results are bound to be disastrous. It will also be necessary to dispel another illusion. If the speculator imagines that he can operate successfully without preliminary hard work to fit him for the business in hand he is grossly mistaken. It is necessary to qualify in this field as well as in any other. Knowledge of monetary conditions, values, interest rates, and in fact, of all influences bearing directly or indirectly on the future of prices must be acquired and thoroughly understood. Ignorance on any one point may mean defeat. On the other hand, a study of such conditions means a liberal education, valuable in every line of business life. It may be further stated that the man who attempts to evade necessary labor and research by placing his dependence on tips or charts, or the opinions of others, cannot hope to succeed. The gambling idea must be put out of the question entirely, and means sought whereby intelligent opinions may be formed by both inductive and deductive reasoning.