2011 Reprint of 1932 Edition. Special Note: Two chapters from the 1932 edition dealing with pools have not been reproduced. Kelly’s first book, Why You Win or Lose: The Psychology of Speculation is described by its author as a study of crowd behavior, checked against known primary and secondary causes of market fluctuations and crowd reactions to these conditions. This second book How Shrewd Speculators Win: A Guide to Behavior When the Market Rises, describes how normal behavior is unsuited to speculative success, and suggests how the investor might proceed based on this perspective. And, under the rubric of bucking the crowd mentality, Kelly and Burgess provide a series of useful tips for outwitting the market without being outwitted. Chapters on Crowd mentality, misinformation, wise men, forming opinions, selling climaxes, gamblers and his suggestion of a dozen rules for trading.