The Money Game

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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, 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.

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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 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. The concepts are clear although the uotdated prose sometimes make it harder to understand fully what the underlying meaning is.

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THE MONEY GAME. HOW TO PLAY IT. A NEW INSTRUMENT OF ECONOMIC EDUCATION. WITH WITH GOOD SIGNED HANDWRITTEN LETTER.

The Money Game - Adam Smith - Google Books

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.” Use italics (lyric) and bold (lyric) to distinguish between different vocalists in the same song part Accounting standards and financial statements imply precision too, yet earnings can be manipulated up or down any number of ways. Example: there is no uniformity between companies on depreciation charges, amortization, inventory valuation, or goodwill. The implication: using complex math and “manipulated” financial statements to unearth things like precise earnings or growth trends is impossible. Investing is more art than science, so treat it as such.Any sense of attachment or emotion to an investment can lead to a humbling experience for the most brilliant investors. Irregular Rule #2: “The identity of the investor and that of the investing action must be coldly separate.” 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. 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. 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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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.”Chapter 10: Charting assumes that what was true yesterday will also be true tomorrow. But you and I know that past patterns/performance are not predictive of future patterns/performance. 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. 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.