This book has to be the wittest book that I have ever read about the people and the institutions of the stock market. The book is written by Fred Schwed, a former stock broker on Wall street, except in those days, brokers are called "customers' men."
Even though the book was written in the 1940s, when you read it today, it would still be very much relevent. In fact, you got this funny feeling that the more things change, the more they stay the same.
The book is written in a very witty way with a satarical and penetrating tone. Reading this book in English, it is great joy. However, some of the most funny sentences in this book, I am not even sure can be translated.
There are some of the wittest sentences that I have ever read about stock market. Below are some examples:
1. About the difficulty in finding good "investment trust management" equivalent of today's money managers, "simply because there is practically no competence to be hired."
2.About the chartist, "As a science, I should say that chart reading shares a pedestal with astrology;"
3. About the lack of customers for brokers, "eventually even backgammon gets tiresome. So they begin to play the market themselves, using their own money instead of customers'. It is like a saloonkeeper taking a drink in a slack season, and the results are about the same."
4. About the passion of prediction of brokerage houses, "On the economic side there is no denying that the more financial predictions you make the more business you do and the more commissions you get."
If you are about to "start investing in the stock market" or have been in the market for a while but not able to consistently make money, or God forbid, you have been "gambling in stock market for excitement and entertainment," I suggest you to read this book. Somehow someone should tell you the truth!
ISBN: 0471770892 (English)
9578457030 (Chinese Tradtional)
9787111302452 (Chinese Simplifed)
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