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! The crowd always loses because the crowd is always wrong. It is wrong because it behaves normally.”— Fred Kelly, Why You Win or Lose: The Psychology of Speculation, 1930 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. Detachment means you can change your mind or reverse course, without being tied down by prior decisions.

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Money is how the game is scored…a path to being rich. The conundrum lies in how you define rich. You can treat it as a possession to see who can collect the most or you treat it as a means to an end, the means being financial freedom and enjoyment of life.

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.

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Last half of the book wanders across the investment landscape with varying types of investors are explored. These free money games can help children who are learning to use UK money. Understanding money is a difficult concept when children are introduced to single coins having different values. These games range in challenge from basic counting with single coins to those where children need to work out problems involving adding amounts and change. Wealth of Nations (1776) of Scottish political economist and philosopher Adam Smith laid the foundations of classical free-market theory. Chapter 4: Since 80% of the market is psychology or deeper still human emotionality, the market can really be seen as a crowd. Because of this tendency, there is no substitute for good information, good research, and good ideas. 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.This pioneer among the key figures of the Enlightenment authored The Theory of Moral Sentiments. People consider the first modern work of economics as his magnum opus and widely cite this father.

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The truth is almost every investor, broker, analyst takes the accounting numbers at face value and rarely spends/has the time to look past the image management wants to project to see what’s being manipulated, why, and what it really means. 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.

Chapter 19: Sooner or later you have to come to reality, and stop being a father to the world. Lead it, yes. Buy it. No. Chapter 14: Someone has to be on the losing end of the transaction and that is usually the little investor.

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Markets are only a tiny facet of society, but being made by mass psychology, they are a good litmus paper for what is going on. Markets only work when they believe, and this confidence is based on the idea that men can manage their affairs rationally. The longest period of prosperity in the last few hundred years came when everyone believed that the king was on the throne, that the pound was worth a pound, that God was in His Heaven, and that all these things would continue for ever and ever… In the longer run, the actions of all the investors, individual and institutional, professional and nonprofessional, have to be based on the belief that leadership knows what it is doing and that rational men are handling the nation’s business rationally. If that belief fades, then so do the markets. They do not merely dive, they dive and then they disappear. It happened here in the blight of the spirit from 1930 to 1933, and it has happened in other countries.” the prices seem to go up to about 50p, but there is no 20p coin - you have to pay in 1p, 2p, 5p andThe first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer. 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. 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! 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.”