In his book Supermoney, Adam Smith provides a great illustration of investing psychology during bull markets. Here’s an excerpt from the book: A mass-circulation magazine asked me to explain to its readers what was going on. I had this Fellini scene: We are all at a wonderful ball where the … Read More
Adam Smith: Somebody ‘Must’ Know Something We Don’t
In Adam Smith’s book The Money Game, there’s a great piece in which he discusses the ‘logic’ of the market. Here’s an excerpt from the book: Logic, to an outsider, would say that you have a company selling at 10 and you go and do a lot of research on … Read More