Strictly speaking, there is no such thing as a non-speculative stock. The moment you take a position in a stock you are speculating, sometimes without realizing it. Take some notes from this historical piece; much still rings true today.

From time to time the market returns for “safety” to such classic defensive securities as utilities, food, department stores, etc., when the economic weather is getting rough. They generally hold up better in a bad market, though sometimes only a shade better. For instance, on Sept. 27, 1960, while the Dow-Jones Industrial Average dropped 1.38 percent to close at 577.14, the Utility Average was doing only 0.16 per cent better by going down 1.22 percent to 92.48.

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