Nobody paints a more accurate picture of old-time Wall Street than John Ferguson Hume. In the second, and final chapter, of The Art of Investing, Hume doesn’t hold back. He calls Wall Street by many names — a madhouse, a cuttlefish, a devilfish, a bloodsucker — while asking two questions:

Much graver questions grow out of its existence. Is it a harmless institution? Is it a public blessing? Is it a public curse?

The answers have always varied, depending on who you ask.

The market does have its uses but money always attracts nefarious types. Wall Street is infamous for it. And it will never entirely go away.

Scam artists and schemers will always be around in some form, trying to separate you from your money. That’s just the nature of things.

Then there’s the market itself. People are naturally drawn to it. The nature of people is to “invest” money in ways that run counter to success.

Hume attempts to inject some Street smarts, some timeless wisdom, and some history while painting a colorful picture of the seedier, speculative side of the Street. Continue Reading…