Book Title: The Money Game
Author: Adam Smith
Genre: Finance, Business, Economics, Nonfiction, Money Psychology, Personal Finance
GoodReads Rating: 3.94 out of 5 stars
Best Selling List: #1 New York Times Bestseller in 1968
Introduction:
The Money Game” by Adam Smith is a timeless classic that provides an insider’s account of the intricacies of money and how the stock market impacts every area of our lives.
The author, Adam Smith, is a pseudonym for George J. W. Goodman, a veteran observer and commentator on the events and people of Wall Street
Summary:
The book takes readers to Wall Street to learn about the role of intuition and the psychology of guilt in making wise, lucrative investments.
Smith’s Irregular Rules shatter common myths and misconceptions, revealing why nothing works all the time and illustrating how greed and fear fuel the market.
Readers will learn about the safest types of investing, the key to following market trends, and how to capitalize on growth.
The book is peppered with entertaining and prescient anecdotes, analyzing who makes the really big money and exploring the meaning of our desire to become rich.
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Key Takeaways:
- The stock market is a game to be played with objectives that oftentimes do not make sense.
- The key to making wise, lucrative investments is knowing ourselves.
- There is no substitute for information.
- Nothing works all the time.
- Greed and fear fuel the market.
- The safest types of investing, the key to following market trends, and how to capitalize on growth are important aspects of the money game.
Strengths:
The book is very funny, very fluent, very well-written and provides a real pro’s view. The author’s thorough knowledge of financial affairs gives his observations a great degree of authenticity. The joy of reading this book comes from his delightful sense of humor.
Weaknesses:
While the book is enlightening and entertaining, it may not serve as a handbook for investors. The author digresses to kid the pants off the whole subject.
Conclusion:
The Money Game” by Adam Smith is a must-read for anyone interested in understanding the intricacies of the stock market and the games people play with money and markets.
It provides timeless investing basics and pithy insights about the role of intuition and the psychology of guilt in investment decisions.
Despite its few weaknesses, the book’s strengths far outweigh them, making it a valuable addition to any investor’s library.
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