The Money Game

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the end object of investment is serenity, and serenity can only be achieved by the avoidance of anxiety, and to avoid anxiety you have to know who you are and what you’re doing. His newspaper column, on which the book was based, apparently made a grand stir among financiers when it was published in the 1960’s – but it only made that stir because the financiers read it, because it stayed inside their world.

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Crowds are somewhat like the sphinx of ancient fable: it is necessary to arrive at a solution of the problems offered by their psychology or to resign ourselves to being devoured by them. The Money Game, written by one who signs himself ‘Adam Smith’ (and who some believe is Harvard-and-Oxford-trained George J. It covers the Go-Go years of the 1960s, but the insight into human behavior, the humor, the weird behavior of doing the wrong thing even when you know better still apply. There are bills to pay, food and travel to budget for, plus loads of fun things to spend your money on.As you earn money for catching fish, you can exchange it for upgrades such as hooks that can catch more fish or fishing rods that will go deeper into the sea. Towards the middle of the book, the author-narrator grows a bit more restless and perhaps a bit bored with the trade. And long before Michael Lewis carved out his own position as the Wall Street storyteller du jour, someone else did so with similar eloquent finesse. An overreliance on mathematics imbues an expectation of precision in markets that are rarely precise.

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some chuckle moments and some good history lesson and general market advice, but I have heard it all said much better in other texts about investing and the market. Chapter 21: You need to create your own money philosophy to answer the question do you really want to be rich? The author, who first published this work in 1912, believed that finance concepts could best be learned in using game scenarios.As the book alludes to, I am the small investor who is the loveable fool that can’t beat the market. What I can hope to immolate with my passive investment approach is the Prudent Man who over the long time horizon proves that the first rule of making money is not to lose it! This is truly a readable classic with surprising outcomes which are as applicable to us today as they were back in 1967-8.

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By the time an individual investor knows of that hot tip it has been sold by those professionals and we’re left holding the proverbial bag.I consider myself a highly rational person that likes to analyze situations before, during, and after. Adam Smith,’ the pseudonymous author, does a likeable job of pointing out the silliness of certain financial types (the amateur investor, the idiot expert, etc. I read the "Cocoa" part in Tom Wolfe's book about "The New Journalism", and I laught just as hard this time. Beware of goals identified by numbers because it’s easy to fixate on a big round number and sometimes the goals — goalposts — often get moved by jealousy or envy or greed…or dreams. The author of this book believes that you can teach the fundamental mechanism of money and banking as you teach bridge, "by playing it," and thinks this game will do it.

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Only technology and decorations change, and perhaps multiple more layers of complexity are layered one on top of another through invention of derivatives, but the emotions not at all changed. Goodman is counter to that of Adam Smith who posited that man was a rational man that always went in the direction of the maximization of profit or production. Yes markets do have chnaged a lot with different instruments etc, but the market participants and the psychology remains the same. Understanding money is a difficult concept when children are introduced to single coins having different values.

If you’re doing what you believe everyone else is doing, you’re making money when they make money, losing when they’re losing, and risking about the same as everyone else. An edgeworn white pasteboard box, glued to the inside back cover, with 6 inner trays to hold the cards, and a lid, make up the lower half of the book: the box has cellotape around its cracked upper corners, and a corner of one of the trays is taped. Nothing works all the time and in all kinds of markets… If you really love playing the Game, any action is better than inaction, and sometimes inaction is the proper course, if it has been taken after measuring all the measurable options.