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. Through a series of chapters asking questions and describing real events and real characters (real but masked), George J. W. Goodman sets out to explore the unexplored area of the markets … the emotional area. As he states very eloquently in Chapter 2, “There are fundamentals in the marketplace, but the unexplored area is the emotional area. All charts and breadth indicators and technical palaver are the statistician’s attempts to describe an emotional state. 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. 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,

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

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 game can be defined several ways: 1) something done as sport or fun; a diversion of sorts to keep things interesting, or 2) something more along the lines game theory, through math and weighing probabilities to decide on the most likely outcome. 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. 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.

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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. 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. I would probably read the book again some time in the future to review the concepts, but I personally do not understand the hype. 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.

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. 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. The 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.

The Money Game by Adam Smith • Novel Investor

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. 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. This book was written in the 1960s so brokers are mostly a dying breed but the overall concept hasn’t changed. By the time an individual investor knows of that hot tip it has been sold by those professionals and we’re left holding the proverbial bag. When George J. W. Goodman puts forth his Irregular Rule , what he is ultimately asking you the reader is to know yourself before you show up to the Game. Know the type of investing strategy that works for you and your level of anxiety. Know your reasons, your whys, and your how’s. Because if you do not, you will be swept up one way or another by the Game.Why do they play the game? For many different reasons: the action, the image it presents, the sense of belonging (being in a crowd), being on the “inside”, the stories to brag to friends and strangers, basically, so they can say they play the game. 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. Detachment means you can change your mind or reverse course, without being tied down by prior decisions. 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. 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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Crowds are somewhat like the sphinx of ancient fable: it is necessary to arrive at a solution of the problems offered by their psychology or to resign ourselves to being devoured by them.”— Gustave Le Bon, The Crowd: A Study of the Popular Mind, 1896 The mass psychology has a way of taking hold of every new generation of investors because they’re too young to remember to any bad times and they’re undefeated in the current market. So they fall in love with “the New Math, the New Economics, and the New Market.” 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 end-of-the-worlders, doomsayers, and gold-bugs have existed in markets forever and their calls will never cease. the prices seem to go up to about 50p, but there is no 20p coin - you have to pay in 1p, 2p, 5p and 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.