Is it possible for investors to formulate a theory of investing? Is there a way of rationalizing the investment process to reduce to a manageable level the flow of services, newspapers, articles and plethora of corporate detail apparently so necessary to investment decisions? Is there a point of view, an approach, which will provide a coherent framework for investing? There is a superabundant concern with levels of stock prices. There is concern with economic background and forecasts. There is concern with corporate information and field trips. But little effort has been made to classify the underlying reasons for selecting various securities. With the thought that some codification may be useful in sharpening our investment decisions, a few theories are set forth.