Speculation

A History of the Fine Line between Gambling and Investing

Author: Stuart Banner

Publisher: Oxford University Press

ISBN: 0190623055

Category: History

Page: 288

View: 9317

What is the difference between gambling and speculation? This difficult question has posed a legal problem throughout American history. Many have argued that periodic failures by regulators to differentiate between the two have been the proximate causes of catastrophic economic downturns, including the Great Depression and the 2008 global financial crisis. In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Advocates for risky investments have long argued that risk-taking is what defines America. On the other side, critics counter that unregulated speculation results in bubbles that draw in the most ill-informed investors, creating financial chaos. The debate has been a perennial feature of American history. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Some, chastened by the most recent crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. Economic crises have generated deep ambivalence, yet Americans' faith in investment and the stock market has always rebounded quickly after even the most savage downturns. Speculation explores a suite of themes that sit at the heart of American history-the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and the moral conundrum inherent in profiting from speculation while condemning speculators. Banner's engaging and accessible history is invaluable not only for understanding the fault lines beneath the American economy today, but American identity itself.

The Art Of Speculation

Author: Philip L. Carret

Publisher: Pickle Partners Publishing

ISBN: 1786256746

Category: Business & Economics

Page: 228

View: 2929

Philip L. Carret (1896-1998) was a famed investor and founder of The Pioneer Fund (Fidelity Mutual Trust), one of the first Mutual Funds in the United States. A former Barron’s reporter and WWI aviator, Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had “the best long term investment record of anyone I know” He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett’s role models. This book comprises a series of articles written for Barron’s and published in book form in 1930.—Print Ed.

Botox Nation

Changing the Face of America

Author: Dana Berkowitz

Publisher: NYU Press

ISBN: 1479825263

Category: Social Science

Page: 256

View: 8613

The American Society for Aesthetic Plastic Surgery estimates there are about two-and-a-half million Botox procedures performed annually, and that number continues to increase. The procedure is used as a preventive measure against aging and a means by which bodies, particularly women’s, can be transformed and “improved” through the appearance of youth. But why is Botox so popular, and why is aging such a terrifying concept? Botox Nation draws from engaging, in-depth interviews with Botox users and providers as well as Dana Berkowitz’s own experiences receiving the injections. The interviews reveal the personal motivations for using Botox and help unpack how anti-aging practices are conceived by, and resonate with, everyday people. Berkowitz is particularly interested in how Botox is now being targeted to younger women; since Botox is a procedure that must be continually administered to work, the strategic choice to market to younger women, Berkowitz argues, aims to create lifetime consumers. Berkowitz also analyzes magazine articles, advertisements, and even medical documents to consider how narratives of aging are depicted. She employs a critical feminist lens to consider the construction of feminine bodies and selves, and explores the impact of cosmetic medical interventions aimed at maintaining the desired appearance of youth, the culture of preventative medicine, the application of medical procedures to seemingly healthy bodies, and the growth and technological advancement to the anti-aging industry. The first in-depth social investigation into the development of Botox as a phenomenon, Botox Nation is a captivating and critical story of how norms about bodies, gender, and aging are constructed and reproduced on both cultural and individual levels.

Wheels of Fortune

The History of Speculation from Scandal to Respectability

Author: Charles R. Geisst

Publisher: John Wiley & Sons

ISBN: 9780471479734

Category: Business & Economics

Page: 368

View: 2131

Wheels of Fortune is an engaging and original story that traces therich, colorful, and often scandalous history of speculation in theU.S. financial markets. Set against a backdrop that begins prior tothe Civil War and continues through the twentieth century, renownedbusiness historian and bestselling author Charles Geisst takes youon an incredible journey that brings the personalities andstrategies behind the futures markets, and speculation in general,to life. Discover how legendary traders such as Benjamin Hutchinsoncornered the wheat market in the nineteenth century, and learn howother bold traders as well as lax regulations paved the way fortwentieth-century debacles that continue to tarnish the reputationof the CBOT, the CME, and other related institutions andmarkets. The history of the futures market, derivatives, and speculationis full of misunderstandings and false assumptions. Wheels ofFortune seeks to clarify these misconceptions by chronicling theevents and individuals that brought scandal and skepticism into themarkets, and exploring the laws and governing bodies that wereestablished to rein them in–but lacked the power to do so.

The Routledge Companion to Literature and Economics

Author: Matt Seybold,Michelle Chihara

Publisher: Routledge

ISBN: 1317278100

Category: Literary Criticism

Page: 424

View: 4502

The study of literature and economics is by no means a new one, but since the financial crash of 2008, the field has grown considerably with a broad range of both fiction and criticism. The Routledge Companion to Literature and Economics is the first authoritative guide tying together the seemingly disparate areas of literature and economics. Drawing together 38 critics, the Companion offers both an introduction and a springboard to this sometimes complex but highly relevant field. With sections on "Critical traditions," "Histories," "Principles," and "Contemporary culture," the book looks at examples from Medieval and Renaissance literature through to poetry of the Great Depression and novels depicting the 2008 financial crisis. Covering topics from Austen to austerity, Marxism to modernism, the collated essays offer indispensable analysis of the relationship between literary studies and the economy. Representing a wide spectrum of approaches, this book introduces the basics of economics, while engaging with essential theory and debate. As the reality of economic hardship and disparity is widely acknowledged and spreads across disciplines, this Companion offers students and scholars a chance to enter this crucially important interdisciplinary area.

Against the Gods

The Remarkable Story of Risk

Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 0470534532

Category: Business & Economics

Page: 400

View: 5707

A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times "An extraordinarily entertaining and informative book." -The Wall Street Journal "A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." -Business Week "Deserves to be, and surely will be, widely read." -The Economist "[A] challenging book, one that may change forever the way people think about the world." -Worth "No one else could have written a book of such central importance with so much charm and excitement." -Robert Heilbroner author, The Worldly Philosophers "With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. "An extremely readable history of risk." -Barron's "Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." -Money "A singular achievement." -Times Literary Supplement "There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." -The Australian

The Education of a Speculator

Author: Victor Niederhoffer

Publisher: John Wiley & Sons

ISBN: 9780471249481

Category: Biography & Autobiography

Page: 464

View: 6487

The commodity trader describes how his personal life influenced his career in finance, and promotes strategic thinking as a way to successfully speculate in stocks, bonds, currencies, and futures

Reminiscences of a Stock Operator

Author: Edwin Lef?vre

Publisher: John Wiley & Sons

ISBN: 1118421973

Category: Business & Economics

Page: 288

View: 867

"Although Reminiscences...was first published some seventy years ago, its take on crowd psychology and market timing is a s timely as last summer's frenzy on the foreign exchange markets." —Worth magazine "The most entertaining book written on investing is Reminiscences of a Stock Operator, by Edwin Lefèvre, first published in 1923." —The Seattle Times "After twenty years and many re-reads, Reminiscences is still one of my all-time favorites." —Kenneth L. Fisher, Forbes "A must-read classic for all investors, whether brand-new or experienced." —William O'Neil, founder and Chairman, Investor's Business Daily "Whilst stock market tomes have come and gone, this remains popular and in print eighty years on." —GQ magazine First published in 1923, Reminiscences of a Stock Operator is the most widely read, highly recommended investment book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life—and your portfolio.

Investing Demystified

How to Invest Without Speculation and Sleepless Nights

Author: Lars Kroijer

Publisher: Pearson UK

ISBN: 1292156147

Category: Business & Economics

Page: 272

View: 8542

Don’t spend your time worrying whether you can beat the markets: you don’t need to beat them to be a successful investor. By showing you how to build a simple and rational portfolio and tailor it to your specific needs, Investing Demystified will help you generate superior returns. With his straightforward and jargon-free advice, Lars Kroijer simplies the often complex world of finance and tells you everything you need to know – and everything that you don’t need to worry about – in order to make the most from your investments. In Investing Demystified you will: • Discover the mix of stocks, bonds and cash needed for a top performing portfolio • Learn why the most broadly diversified and simplest portfolio makes the most sense • Understand the right level of risk for you and how this affects your investments • Find out why a low cost approach will yield benefits whilst leaving you with a higher quality portfolio • Understand the implications of tax and liquidity ‘Lars Kroijer takes a refreshing look at how everyday people can improve their fortunes by taking some simple investing steps.’ Dr David Kuo, The Motley Fool ‘In a world of the next big investment fad, Lars Kroijer takes us back to the essence of smart investing: diversify, diversify, diversify. And don’t overpay for that either.’ Coenraad Vrolijk, Managing Director of Blackrock ‘An important book that debunks common myths about investing. A must-read for ordinary investors.’ Anita Raghavan, New York Times and author of “The Billionaire’s Apprentice” ‘If you only read one book on how to manage your investments, read this one.’ Benjamin Pritchett-Brown, Investment & Pensions Europe

The Perfect Bet

How Science and Math Are Taking the Luck Out of Gambling

Author: Adam Kucharski

Publisher: Basic Books

ISBN: 0465098592

Category: Mathematics

Page: 288

View: 9967

For the past 500 years, gamblers-led by mathematicians and scientists-have been trying to figure out how to pull the rug out from under Lady Luck. In The Perfect Bet, mathematician and award-winning writer Adam Kucharski tells the astonishing story of how the experts have succeeded, revolutionizing mathematics and science in the process. The house can seem unbeatable. Kucharski shows us just why it isn't. Even better, he demonstrates how the search for the perfect bet has been crucial for the scientific pursuit of a better world.

Speculation As a Fine Art and Thoughts On Life

Author: Dickson G. Watts

Publisher: Metaphrastus Books

ISBN: N.A

Category: Business & Economics

Page: N.A

View: 2358

A timeless investing classic from 1880. Dickson G. Watts shares his thoughts about the art of speculation, and life in general. "All business is more or less speculation." (…) "Our effort will be to set for the great underlying principles of the 'art' in the application of which must depend on circumstance, the time and the man." This concise book is a small gem for all investors.

Extraordinary Popular Delusions

Author: Charles Mackay

Publisher: Courier Corporation

ISBN: 0486147878

Category: Business & Economics

Page: 112

View: 2610

DIVClassic survey of crowd psychology takes an illuminating, entertaining look at 3 historic swindles: "The Mississippi Scheme," "The South-Sea Bubble," and "Tulipomania." Essential reading for investors. /div

A History of the United States in Five Crashes

Stock Market Meltdowns That Defined a Nation

Author: Scott Nations

Publisher: HarperCollins

ISBN: 0062467298

Category: Business & Economics

Page: 352

View: 5124

In this absorbing, smart, and accessible blend of economic and cultural history, Scott Nations, a longtime trader, financial engineer, and CNBC contributor, takes us on a journey through the five significant stock market crashes in the past century to reveal how they defined the United States today The Panic of 1907: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks. Only billionaire J.P. Morgan was able to save the stock market. Black Tuesday (1929): As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression. Black Monday (1987): When "portfolio insurance," a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day. The Great Recession (2008): As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them. The Flash Crash (2010): When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes. The stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today. A History of the United States in Five Crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one.

The Clash of the Cultures

Investment vs. Speculation

Author: John C. Bogle

Publisher: John Wiley & Sons

ISBN: 1118238214

Category: Business & Economics

Page: 384

View: 7605

Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing. Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite." The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)

One World Mania

A Critical Guide to Free Trade, Financialization and Over-Globalization

Author: Graham Dunkley

Publisher: Zed Books Ltd.

ISBN: 1783600756

Category: Business & Economics

Page: 360

View: 7109

In this much-needed book, Graham Dunkley challenges the oft-repeated notion that free trade and global integration are the best means of development for all nations at all times – an idea that has proved even more misguided in the wake of the global financial crisis. By contrast, Dunkley reveals – through a wide range of statistical analysis and case studies – that at best the evidence is mixed. Looking systematically at issues such as trade-led growth, supply chains and financialization, One World Mania reveals the many problems that over-globalization has caused, often at great human cost. An indispensible guide for anyone wishing to understand the shortcomings of current global economic policies.

The Battle for Investment Survival

Author: G. M. Loeb

Publisher: Simon and Schuster

ISBN: 1609775759

Category: Business & Economics

Page: 285

View: 3605

A reader of one of my earlier discussions asked-"Have you ever tried out the ideas outlined in your book?" My reply was to the effect that the ideas were tried out first, and the book written afterward. Any earner who earns more than he can spend is automatically an investor. It doesn't matter in the slightest whether he wants to be or not, or even whether he realizes that he is investing. Storing present purchasing power for use in the future is investing, no matter in what form it's put away. Some popular and common forms include money itself, government bonds, savings bank deposits, real estate, commodities, securities of all types, diamonds and where and when it's legal, gold.

Liar's Poker

Author: Michael Lewis

Publisher: W. W. Norton & Company

ISBN: 9780393066258

Category: Biography & Autobiography

Page: 256

View: 6996

The time was the 1980s. The place was Wall Street. The game was called Liar’s Poker. Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street’s premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s account of an unprecedented era of greed, gluttony, and outrageous fortune.

Anglo-American Securities Regulation

Cultural and Political Roots, 1690-1860

Author: Stuart Banner

Publisher: Cambridge University Press

ISBN: 9780521521130

Category: Business & Economics

Page: 340

View: 9638

A history of the law governing the earliest stock markets in England and the United States.

Beyond Legal Reasoning: a Critique of Pure Lawyering

Author: Jeffrey Lipshaw

Publisher: Routledge

ISBN: 1315410796

Category: Law

Page: 188

View: 2515

The concept of learning to ‘think like a lawyer’ is one of the cornerstones of legal education in the United States and beyond. In this book, Jeffrey Lipshaw provides a critique of the traditional views of ‘thinking like a lawyer’ or ‘pure lawyering’ aimed at lawyers, law professors, and students who want to understand lawyering beyond the traditional warrior metaphor. Drawing on his extensive experience at the intersection of real world law and business issues, Professor Lipshaw presents a sophisticated philosophical argument that the "pure lawyering" of traditional legal education is agnostic to either truth or moral value of outcomes. He demonstrates pure lawyering’s potential both for illusions of certainty and cynical instrumentalism, and the consequences of both when lawyers are called on as dealmakers, policymakers, and counsellors. This book offers an avenue for getting beyond (or unlearning) merely how to think like a lawyer. It combines legal theory, philosophy of knowledge, and doctrine with an appreciation of real-life judgment calls that multi-disciplinary lawyers are called upon to make. The book will be of great interest to scholars of legal education, legal language and reasoning as well as professors who teach both doctrine and thinking and writing skills in the first year law school curriculum; and for anyone who is interested in seeking a perspective on ‘thinking like a lawyer’ beyond the litigation arena.

Practical Speculation

Author: Victor Niederhoffer,Laurel Kenner

Publisher: John Wiley & Sons

ISBN: 9781118045671

Category: Business & Economics

Page: 400

View: 2990

The follow-up to Victor Niederhoffer's critically and commercially acclaimed book The Education of a Speculator has finally arrived. Practical Speculation continues the story of a true market legend who ran a hugely successful futures trading firm that had annual returns of over thirty percent until unforeseen losses forced him to close operations. Like a phoenix rising from the ashes, Niederhoffer returned to the world of trading stocks, futures, and options, with a new colleague and a new approach and found success. Order your copy of this compelling story of risk and survival today.