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Oh, Yeah!
Tales of Great Greed and Fear, and Market ManipulationNo one can hope to be a successful investor without absorbing the stories of these timeless follies.
You will find in this book three sections from Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay in 1841, and Confusion de Confusion by Joseph de la Vega from 1680. The Mackay material describes the almost simultaneous Mississippi Scheme in France and the South Sea Bubble in England, as well as the earlier speculation in tulips in the Netherlands. Confusion de Confusion is a translation from the Spanish about speculation in Amersterdam in the securities of the Dutch East and West India Companies.
The Mississippi scheme involved the use of private bank notes to improve the French debt and currency that were eventually tied into investments in a colony in Mississippi. John Law, a Scotsman, was the originator of the scheme, which grew out of control when the French printed too much money and the Mississippi colony foundered. You can read more about this in the recent book, The Millionaire. The basic facts are more easily absorbed, however, in this volume. Following along shortly thereafter, the English began to speculate in stock in a monopoly to develop trade with the Spanish, also tied to reducing public debt. That became the South Sea bubble and the speculation was encouraged by the early success of stock investors in the Mississippi scheme in France. Tulipomania is considered the best of the financial parts of this book, and recounts the amazing heights that a single tulip bulb could bring (with a famous table of the buying power of a florin at thta time) and the problems encountered, such as when a sailor mistook a rare bulb for an onion and had it for his lunch! These three essays are about psychology, and do not go into the market details too much. The descriptions about how the government dealt with these disasters provide relevant information for regulators.
In Confusion de Confusion, there are four dialogues about how bull and bear markets can be manipulated and the consequences, in the context of speculation in hopes of gain for the new colonies and trade. These dialogues are superb examinations of how markets actually work, and will be an illumination to the new investor of who she or he may be up against. The lesson: Be sure you know the rules and think about how they could be used against you.
This book is greatly improved by a series of essays. One is by Peter L. Bernstein in which he makes comparisons of the current markets to these early essays. Herman Kellenberg's introduction explains many of the details of the Amsterdam markets very well to make the de la Vega material more accessible. I especially liked the introduction by Martin S. Fridson in which he points out some of the errors and hyperbole in the Mackay material, and puts that work into a current context. Without these essays, I would simply encourage you to seek out the originals instead of this book. But these modern essays will add a great deal to your understanding.
Mackay's book was reportedly a favorite of Bernard Baruch's, which has helped its popularity enormously over the last 70 years. After you read this book, I do recommend that you read the entire book. Although it is a tough slog in places, you will come away with a much better understanding of crowd psychology than these three sections alone will give you.
The fundamental mechanism for each of these mania is that a new investment opportunity arises that seems to offer great potential. No one is quite sure what the future will hold, and optimism takes over. The price starts to rise, and that attracts attention. As more people invest, the market rises more. That draws more attention and investors. This continues until either pessimism starts to balance excess optimism, or the market simply runs out of new investors. It takes ever more money to create the same growth, so the market eventually has to fall. Along the way, a few are smart and take out their money. The rest lose.
This mechanism occurs about once a decade. Some of the recent examples are Internet stocks in the 90s, biotechnology stocks in the 80s, the Nifty Fifty in the 70s, the conglomerates in the 60s, electronics companies in the 50s, radio companies in the 20s, utility trusts around 1900, railroads in the 1880s, and so forth back in time. The key lesson: If you think a mania will form, do your buying and selling very early in the game or ignore the game altogether and go into safe securities. Either one will work. If you want to split your money in half with half for speculation and half for safety, that would give you the best and safest route. Most people do not have the emotional discipline to sell in time, so it is dangerous to play. The markets will fall many times faster than they rose, so the time to escape is on the way up.
I hope you will buy and read this book, and share it with your children when they start to invest.
When you are done with the book, I also hope you will also consider where else mania take over. These occur in consumption patterns (not unlike tulip bulbs), activities (remember disco?), businesses (franchised door-to-door selling), and entertainment (quiz shows will come and go many times). Be sure you watch out for your exposure to these mania as well. Avoiding wastes of time and resources are an important part of achieving true growth.
Excellent Historical PerspectiveThe book, despite its age, holds up well against many modern books on the same topic and should definitely be considered a finance classic!


A readable, enjoyable, chronology and essay.
A scholarly, chronological documentary
The Way It Was

A great translation
A great introduction to Plato's philosophyThe dialogue begins as a discussion about the true nature of oratory. The famed orator Gorgias is in town, and Socrates is most anxious to have a discussion with him. At first, Gorgias' younger friend Polus desires to speak for Gorgias, but he proves little match for Socrates. When Gorgias enters the discussion, Socrates treats him very well, as a respectable man with whom he disagrees, and Gorgias for his part is never flustered by Socrates' description of his art as a knack and as a form of pandering. Later, Callicles bravely jumps into the mix, and things really get interesting. Socrates seemingly admires Callicles' courage to state what he means without shame, yet he winds up getting Callicles to agree with his points in the end. What is it all about? The main points that Socrates makes are that it is better to suffer wrong than to do wrong, and that it is better for a man to be punished for his wrongs than to escape punishment. Implicit in his argument is the belief that all wrongdoing is the result of ignorance; following up on this idea, he declares that dictators and politicians who hold vast powers are the most miserable men of all. He goes so far as to describe Athenian heroes such as Pericles as bad men because the state was less healthy when they left office than when they took office, the proof being that such men eventually lost power and were even ostracized.
For Socrates, happiness comes from being virtuous and self-disciplined. The orator can make a great speech and convince his peers that he is right, but he does this by inculcating belief rather than knowledge in the minds of his audience; he requires no knowledge to win such a debate, and as a result he tells the people what he knows they want to hear rather than what is truly best for them. Right and wrong are immaterial to the orator, Socrates charges. Callicles urges Socrates to give up his immature fixation on philosophy and become a public speaker; were he to be brought to court and charged with a wrong, Callicles tells him that he would be unable to defend himself. Much of the concluding pages consist of a wonderful defense by Socrates of his way of life. He agrees that a court could rather easily try and execute him, but if that were to happen, only his accusers would suffer for it. His thoughts are for the next world, and he has no fear of death because he believes a man with a clean, healthy soul such as his will be given immediate access to the isles of the blessed. The execution of Socrates was clearly on Plato's mind as he wrote this particular discourse.
I would recommend this dialogue to individuals seeking an introduction to Plato's philosophy. The entire discussion is clear throughout and easily comprehensible, and it proves interesting to see how some of Plato's thoughts changed between the years separating this dialogue and The Republic.
Socrates defends truth against all comersOn the one hand, Socrates denies that an individual's supposed superiority determines right and wrong. In modern terms we'd call this the Nietzchean will to power argument. He cleverly kills the might-makes-right argument, by extreme individualists, by showing how ultimately the mob is more powerful than any individual. Thus this reasoning falls through. Yet, at the same time, Socrates denies that truth is determined by mere numbers or by popular vote. After all, Socrates wasn't condemned to death by a dictator or an aristocracy but by a democracy. Food for thought!
This is a nice translation in modern idiom and can be easily read in just a few sittings.


Remarkable Scholarship and InsightI must admit that I am only halfway through its thousand pages. I am not reading it rapidly, but am annotating the margins of each page, in ink! It may take me the rest of my life to finish it (I am 77 and I read it only on Sundays for an hour or two), but already I know that I will never find a more scholarly and insightful work which honestly seeks to discern the true character of Jesus.
Perhaps because I share the same scientific temperament as the author, we have a common bond that unconsciously brings us together. Davidson has studied and written exactly as I would like to, provided I could commit myself to devoting the immense amount of time and energy to meticulous scholarship, as he had done.
In this book the character of Jesus is incomparably broadened and sharpened by bringing in many sources that were ignored by the political and administrative forces that finally determined the content of the New Testament. There are hundreds of lengthy quotations about Jesus from over three hundred sources that were written in the first five centuries after his death. Furthermore, each quotation is rephrased by the author for further clarification.
Here is an example: "Jesus said, 'If the flesh came into being because of the spirit, it is a wonder. But if spirit came into being because of the body, it is a wonder of wonders. Indeed, I am amazed at how this great wealth has made its home in this poverty.'" This is quoted by Davidson from the Gospel of Thomas which is rejected by fathers of the Christian Church, for it suggests that the soul may have derived and evolved from its life in the body, rather than vice versa. I find that "twist" fascinating!
Frankly, I find it difficult to believe that the historical Jesus actually spoke this thought, but somehow it does not matter. The Bible is a collection of many noble, and some not so noble, thoughts of human beings, but it has been edited for "proper" content by many biased editors with tunnel vision.
In this book many insights are given that point toward the existence and the character of the divine in human life. And I find them inspiring! Nowhere else have I found any writing on religion that approaches the dedication and illumination of this book. Page after page I am enthralled by my introduction to many obscure and unknown writers who, in their admiration for Jesus, have put their inspired words into his mouth in much the same way as the New Testament writers have done.
It is clear that I cannot praise this book enough. However, it is written for the seeker, not for the believer.
Jesus True Teachings Revealed by a MysticWhen the inner esoteric meaning of the Gospel of Jesus is revealed to the reader by Mr Davidson (a mystic), profound revelation will be the result. Most books on the Gospels/Jesus are written by scholars with little spiritual awakening and acumen, and hence scholarly and sectarian dogma results with little understanding of true spirituality.
The only two caveats of Mr. Davidson when reading this book are, that he is an avid vegetarian and proponent of Gurus/teachers to help guide us (no doubt from eastern teachers influences on him). Further study of true mysticism without sectarianism for readers on the spiritual path is the Rosicrucian organisation AMORC, which is whole-heartedly recommended.
The Lost Words of Jesus

A Must-Have for Doulas
Birth professionals: Don't leave home without this book!
The book for anyone involved in childbirth!

Read a Little at a Time
Maximus to the maximum
I agree with the Chicago review.If you want to know St. Maximus, skip the introduction and read the text. Then, go to one of the many secondary works _in the same tradition as the saint_ for further light on him. It will surely repay your effort.


A Very Interesting Read!There's no author listed in the book, so I gather it might have been written by a group of archivists? The writing has that dry, "committee" like feel to it. Which is a little sad, because Bob Smith lived one interesting life! His story is very inspiring.
I read it in one sitting, about three hours, so it's not long. From my perspective, you don't have to be an alcoholic to enjoy this book. Cause I enjoyed it.
Best of the bunch
I liked it!

Very good but not for everyone
Leveling the playing field
How to play the game AND how to make the game more fairWhatever one's opinions on Early Action (EA) and Early Decision (ED), they are realities that present high school students, their parents, and their counselors with a dilemma: To EA/ED or not to EA/ED?
When looking for answers to this dilemma, students, parents, and counselors have had to rely on unclear messages, equivocal statements, anecdotes, and urban myths.
"The Early Admissions Game: Joining the Elite" shines a bright and needed light into the darkest recesses of a murky maze. The book combines irrefutable statistics and the words of high school students, college students, and admissions professionals to present a clear and readable picture of a complex, often hermetic issue.
I don't use the phrase "irrefutable statistics" loosely here. Statistics are too often used to "prove" a theory that looks a lot like the preconceived notion that the researcher brought to the research. However, in this case, the authors possess the objectivity to report their findings with clarity and without baggage. Also, their backgrounds in economics, public policy, and college admissions give them the qualifications and abilities to present a comprehensive and in-depth review of the subject.
"The Early Admissions Game" explains both how to play the game by the current rules and, at the same time, advocates for a better, fairer system for the future. Information for the debate on EA/ED and practical advice for those coping in the "Age of EA/ED" are well presented.
Whether you love EA/ED, hate it, or just want to better understand EA/ED and the rest of the admissions process, this is a great book to read.


This Book Is #1!By: Mary Pope Osborne
Have you wondered what it would be like to be in one of the biggest earthquakes in the world? This book is about two kids named Annie and Jack. They go back in time to 1906.The kids have to find something to lend, because they have to save Camelot.
You can picture when the city gets on fire in California, because the story says, "The fires raged for three days, nearly destroying all of San Francisco. Over 28,000 buildings burned down."
The author of this story teaches you to always be prepared.
I like this book because it has adventures.
Read this book to find out what happens at the end. Will Annie & Jack get back to the treehouse & save Camelot?
Earthquake in Early Morning
Adventure and Knowledge "Shaken" TogetherAs a teacher, I am always impressed with the knowledge students can gain as they read these adventure stories. Mary Pope Osborne includes interesting facts and real-life situations in her stories. In this book children can use their imaginations to get a feeling of what it was like in California during the big earthquake and at the same time read about the true experiences of the people and actual events.
This and other Magic Tree House books are great for in-class whole group readings or individual readings.


Useful introduction to Jewish PhilosophyThe introductions to the book by Frank and by Guttmann are very helpful in setting Maimonedes' work in its appropriate context. For the student of comparative religion this is a useful introduction to medieval Jewish philosophy as it originated in a Muslim milieu and which is still held in high esteem by some modern theologians.
I would like to correspond with other readers of "Guide"The Guide clearly should be studied with others. I would like to discuss each chapter with other people as we read (and maybe re-read) them. My email address is my firstnamelastname at yahoo dot com.
Best translation of an essential work
That said, I understand Fridson has a theme, and by using these two old works, one Victorian, and one Louis XIV, he shows that nothing much changes: people will do very stupid things if that's what everyone else is doing. More to the point, people will do very risky things with their money, if everyone else is doing so. Examples abound in these two great books, and Fridson doesn't miss a chance to make a point, and usually gets a good laugh in as well.
Tulipomania (when the price of tulip bulbs in Holland inflated beyond the ridiculous) is especially revealing, and though Fridson is using it to make a point about price inflation, I couldn't help thinking also about the marketing technique by which the public is convinced it needs something, then that something is doled out like Oreos to a diabetic. I'm thinking specifically of diamonds, but there are lots of examples.
Fridson pulls this altogether, and as big a fan as I am of Extraordinary Popular Delusions and the Madness of Crowds, the original work he has created by mating a part of it with the other work, and with his own explanatory text is a great book.
I am not an investor, and generally find economics petrifyingly boring, but this book was a fun romp. Even if you have no interest in finance, read this book just to have a good laugh at our species.