In Adam Smith’s book – The Money Game, he discusses why constant growth cannot continue ad infinitum. Here’s an excerpt from the book: There is one footnote to this business of looking at past and current success, and it is an arithmetic one. Again, our Senior Sisters may serve as … Read More
Adam Smith: Beware The Black Horsemen During Bull Markets
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