Buy the Book: The Money Game is a series of stories on the games people play with money and markets. Told by Adam Smith (aka George Goodman), the stories uncover the emotion, error, myth, and irrationality that surrounds it all.
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The Art of Speculation by Philip Carret
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Based on a series of articles written for Barron’s in 1927, Philip Carret writes an extensive introduction to the stock market, while laying the groundwork for market cycles, economic cycles, value investing, biases, and behavior.
The Notes
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Why You Win or Lose: The Psychology of Speculation by Fred C. Kelly
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Fred C. Kelly figured out that behavior plays a bigger part in investor success than most thought. That he did so in 1930, says a lot about how little human nature changes. Kelly proposed that by acting counter — contrarian — to the general tendencies of most market participants, one avoids most typical mistakes, and succeeds at investing. Studying average investor mistakes presents a guide to future dangers.
The Notes
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The Little Book of Behavioral Investing by James Montier
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James Montier writes about the many ways investors are their own worst enemies. The book concentrates on the many repeated behavioral mistakes investors inflict on themselves that negatively impact returns in the process.
The Notes
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Why Don’t We Learn From History? by B.H. Liddell Hart
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B. H. Liddell Hart wrote the book as a summary of the history of warfare. Rather than writing the lessons we learn from history, he inverts the message to the many lessons we fail to learn from history.
The Notes
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Lessons from a 300 Year Old Book on Markets
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The earliest known book describing any stock exchange was written in 1688. Aptly titled, Confusion of Confusions, Joseph de la Vega describes stock and options trading (mostly of Dutch East India Company stock) on the Amsterdam stock market through a conversation between Shareholder, Merchant, and Philosopher.
The book is a defining example of how little markets have changed in over three centuries. From the early reference to the game and its primary players to the scheming and manipulation to the influential emotions of greed, fear, and panic, the lessons are old, yet still relevant today.
It starts with a fitting description of stock markets: Continue Reading…
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