The Money Game

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Smith’s’ observations can be funny, and his curmudgeonliness is fun to read. And for a book written as long ago as this one was, it’s surprisingly relevant – aside from an amusingly archaic diatribe about computers, the same arguments then are the ones we’re having today. The author is rather personable and observant, yet another player on Wall Street, successful, but no one that will be remembered. He starts of rather light-heartedly, describing all the follies and personalities. 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.”

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Keynes was one of the first to describe the markets as a game, one that is “intolerably boring and over-exacting to anyone who is entirely exempt from the gambling instinct; while he who has it must pay to this propensity the appropriate toll.”

Money Game” by Ren is about the current state of the economy. The song goes in depth about the process that people take to create artificial scarcity, create a monopoly, and talks about the flaws of capitalism in the United States and United Kingdom. The risk to funds managers includes optics: how does it look to own big losers, how does it look to own winners, how does it look sitting on a big pile of cash while the market rises. It’s career risk. Not many are willing to bet their jobs by looking wrong or dumb in the short term, even if looking wrong produces great results in the long term. Long before the term behavioural finance there was someone writing about the significance of identity. Long before the witty Buffett-isms, someone wrote those same words as part of his Irregular Rules. 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. Today, nearly three months have passed since George J.W. Goodman died on January 3, 2014 - or, as the financial after world knew him by, Adam Smith. A name created for him by the publisher of New York Magazine so as to keep his weekly Wall Street columns anonymous.

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The concepts are clear although the uotdated prose sometimes make it harder to understand fully what the underlying meaning is. I finished this. I think. But it ain’t easy to read. Written by George Goodman using as the pseudo name Adam Smith – the father of economic thought. I wish this had been written by Smith. Chapter 15: Professional investors are “performance” managers who are focused on driving results in the short term. Very few “performance” managers think in the long term. It’s all about driving big capital gains! Greed and fear are the strongest emotions in the market. Nobody likes to watch others make more than them. And we hate losing more than like winning. Hardcover. Condition: Very Good. 1st Edition. The Money Game, How to Play It: A New Instrument of Economic Education is both a book and a game. Sir Norman Angell was a noted pacifist and peace activist, who was awarded the Nobel Peace Prize in 1933. He designed The Money Game to teach young people about financial systems and economic theory. This copy is in excellent condition, with all pieces. A first edition of the game from 1928, with all cards present and unmarked.I liked the first part (You) more than the 2nd and 3rd parts (It & They) and I found it also more interesting from a investing point of view, Chapter 18: If you are in the right thing at the wrong time, you may be right but have a long wait; at least you are better off than coming late to the party. An overreliance on mathematics imbues an expectation of precision in markets that are rarely precise. The more complex the math, the more speculative the results.

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Chapter 14: Someone has to be on the losing end of the transaction and that is usually the little investor. Emotional maturity, remaining calm, keeping your cool, discipline, and patience are all used to describe a way of being in highly emotional, stressful, or anxiety filled situations. In other words, the markets. Succumbing to the stress and anxiety is why investing is so costly.Re-reading the book cover, to cover the brilliance of the chapter What Are They In It For? strikes me again. “Ninety percent of the people in the market don ́t care about making money”. The term “people” might also have been exchanged from meaning individuals investing own money to civil servants within mutual fund houses. But the importance of being part of what’s going on, being there and knowing things, supersedes the making money part, at least correctly defined. Irregular Rule #3: “Find smart people.” Phil Fisher, the creator of the scuttlebutt approach, looked at his past successes to find that only one-sixth of them were found through scuttlebutt. The five-sixth, the rest, were from a network of smart people he knew and trusted. The downside: groupthink.