Strictly speaking, there is no such thing as a nonspeculative stock. The moment you take a position in a stock you are speculating, sometimes without realizing it. 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 September 27, 1960, while the Dow-Jones Industrial Average dropped 1.

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