One of the few books you'll ever need in life. Never get emotional over a worthless piece of paper with fancy symbols and numbers. Save, invest, keep playing the game. God bless you Mr. Goodman.

The Money Game by Adam Smith | Goodreads The Money Game by Adam Smith | Goodreads

All the participants play the game differently. They make up their own set of rules and have a different definition of winning. And they often change the rules and the definition multiple times depending on how well they’re playing. Identities are supposed to come from occupations. If the occupation is money-making then anxiety must always be present, because there is always a threat the money which represents the achievement can be taken away. Irregular Rule #2: “The identity of the investor and that of the investing action must be coldly separate.” The Money Game” works the same way, but within the logic of Wall Street. “Yes,” it says, “money is a game, played by the rich and for the rich, and that’s as it should be.” ‘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.) and teasing the financial powers that be, but this is all coming from a man who makes his money on Wall Street, who is inherently of the system he’s commenting on. 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. The mood is what makes a system, a theory, a strategy, or a rational view on markets imperfect, imprecise, sometimes wrong, and irrational. Mood makes markets biological, complex, and in a constant state of change.

Success!

An enjoyable and refreshing read, especially for someone in the investment trade. Unlike the holier than thou value investing books, many of which I’ve had the pleasure of reading, this one does not claim that there is any meaning to the investment activity, other than acquisition of financial wealth, nor does it portray the “pursuit of alpha” as anything meaningful, an end in itself. The trouble with high growth companies: they carry the seeds of their destruction. Unless the company has some advantage, the high growth attracts copycats. Growth is spread across competitors, prices get cut as they battle for market share, and profit margins suffer. And when that doesn’t work, there’s a point where growth falters because growth is finite. Companies grow too big to grow at a high rate and there’s no magic number that says when they hit too big. And then there’s the market. There’s no way to know the multiple the market would put on the growth.

Money Games - Family Learning Money Games - Family Learning

I would probably read the book again some time in the future to review the concepts, but I personally do not understand the hype. Towards the middle of the book, the author-narrator grows a bit more restless and perhaps a bit bored with the trade. Call it a midlife crisis, but instead of buying a motorcycle or a Porche, he makes an attempt to first seek a more lively thrill of trading cocoa futures and then tries to seek the truth, first through a conversation with a semi-mythological entity, called the Gnome of Zurich, and later through pursuit of redeeming the pure silver out of the national treasury of the United States of America, and then starts to muse only halfway lightheartedly about what is wealth all for and how base it all really is. Yet, I am sure, this musing does not prevent him from enjoying a fine dinner and a home in the Hamptons.

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I don't know how much relevance this book has to "the Game", as it is today in the new millenia, but this is a great account of history anyway - you get a deepdive into economic situation of the 60 and early 70s in US. Detachment means you can change your mind or reverse course, without being tied down by prior decisions. As the book alludes to, I am the small investor who is the loveable fool that can’t beat the market. And as the lovable fool, I bow down to all the smart professional money managers that “know what they are doing.” 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! Chapter 14: Someone has to be on the losing end of the transaction and that is usually the little investor. It has taken me years to unlearn everything I was taught, and I probably haven’t succeeded yet. I cite this only because most of what has been written about the market tells you the way it ought to be, and the successful investors I know do not hold to the way it ought to be, they simply go with what is.”

Money Game, Pt. 2 Lyrics | Genius Lyrics Ren – Money Game, Pt. 2 Lyrics | Genius Lyrics

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 Two-Step Problems

On the Depression: “It is a sobering experience to read through—as once I did—all the Wall Street Journals and Barron’s from 1929 to 1933. Quarterly, reports came out saying, ‘the outlook is favorable,’‘a sustained recovery is on its way,’ and so on. But nobody was listening. Those on margin had been sold out in 1929 and 1930. But from 1930 to 1933, a real blight of the spirit took place.” From 1929 to 1933, the Dow fell almost 90%. The Depression described the economy and the mood at the time. Much like what Smith describes, the book Oh Yeah!, published in 1932, relays a lot of the forced optimism from CEOs and the government who repeated said a recovering was right around the corner. I found a number of the narratives amusing. There is certainly truth in sarcasm particularly the need to separate your identity from money. If you look at the markets as a game, especially since these markets take on a mob mentality, then you are more likely to be able to remove yourself and very importantly your self worth from it. 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.

The Money Game by George Goodman | Goodreads

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. These fun money games for kids can help children to understand the value of UK coins, how to count money and work out change. They also include problem solving money activities. 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.These fantastic free printable money resources will enable you to make games, worksheets and resources to help 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.