The money myth
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AUTHOR- ALEXANDER DAVIDSON Money Myth, a ground-breaking read for investors which explains financial markets through the myths of the ancient world.
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The money myth
- 1. Management Book Review on THE MONEY MYTH By: KARAN SAHU AUTHOR: ALEXANDER DAVIDSON A Classic Introduction to the Modern World of Finance and Investing
- 2. • Paperback – 262 pages • Publisher – FT Publishing International • 1st Edition 2012 • ISBN: 978-0-273-75520-3 • Author – ALEXANDER DAVIDSON
- 3. About Author Alexander Davidson is a senior editor at Thomson Reuters GRC, and holds the Securities Institute diploma, and some technical analysis and accounting qualifications. In his early career, Alexander Davidson worked as a securities dealer and is author of the city best seller, The City Share Pushers. He followed up with other books, particularly on stock market investing, which have gained wide acceptance in investing and trading circles. He has written several Times guides to financial markets, including The Times: How the City Really Works, now in its third edition. His latest book, published in May 2012, is Money Myth, a ground-breaking read for investors which explains financial markets through the myths of the ancient world. Davidson has often contributed as a guest writer to the national press, has broadcast widely on TV and radio on financial matters, and has presented at London conferences for financial investors. He is also the author of an acclaimed history of school uniform.
- 4. Some other books of Alexander Davidson • Everyone's Guide to Online Stock Market Investing • How to Win in a Volatile Stock Market • The 10-week Flexible Investment Plan • How to Win as a Stock Market Speculator • How to Understand the Financial Pages • How the Global Financial Markets Really Work • How the City Really Works
- 5. About the Book Financial markets use persuasion, propaganda and salesmanship to survive. They smooth over weaknesses and highlight their strengths to seduce us into parting with our money. Investment products wrapped in euphemisms and simplified language hide complexity and unclear risk. This book helps us to understand the real risks involved in investing, make informed decisions and take control of your investments.
- 6. What others say: “For those who wonder where the financial system is taking us but cannot resist the temptation to get involved themselves, Alexender Davidson’s book takes the reader on an invigorating romp of markets and the whole panorama of the financial status quo.” - Gavin Oldham, Chief Executive, The Share Centre
- 7. Summary of the Book The Graeco-Roman myths give us far more understanding of how financial markets work than technical explanations. The book, The Money Myth, gives us insight into both. Numbers are the language of business but they can be spurious, and The Money Myth shows us how. The oracle in ancient Delphi was a clever fraud, giving prophesies that were ambiguous, or guesswork, or based on knowledge of what was likely. The forecasts of City analysts are similarly unreliable. Nor can we trust the watchdogs. The UK’s new tripartite regulatory regime is soon to replace the old failed one, and it barks as loud as Cerberus, the three- headed guard dog of classical mythology. This hound may similarly be placated by drugged sweet cakes.
- 8. Summary of the Book Like the regulator, financial institutions reconstruct themselves. The large banks that helped cause the crisis typically stay in business. This is the secret of the City’s success. It is a version of the reincarnation, part of the ancient Greek culture, which tellingly demanded atonement for past sins. Misinformation conceals the truth. The City uses public relations to spin its story, much like the sophists of fifth century Athens. The resulting news flow to investors, like the shadows shown to prisoners in the cave of Plato's The Republic, is a poor representation of reality. The big and powerful survive in financial markets, and, in their anxiety to be part of it, investors buy into it. They are reluctant to cut losing positions, and minimize losses that way, a lesson that Odysseus teaches when he sacrifices some of his men to a man eating monster to get the rest of them to safety. This book shows us the old truths predominate in our world of algorithmic trading and Cloud computing, and informs us on the technologies.
- 9. Summary of the Book Ancient philosophy and mythology help us to keep a cool head and invest more wisely when the modeling and numbers have failed. The Money Myth is a unique and powerful new tool to boost our market understanding and investment approach.
- 10. What did you like about the book ? • Simplicity in concepts • Simple language • All the concepts are explained with the flow charts are diagrams for better understandings • At the end of the book some useful information are their for investors like: 1. Twelve wake-up investment rules 2. Twelve regulatory trends 3. Investment software checklist 4. Useful web sites 5. Other resources 6. Meaning of some critical words
- 11. Shall I recommend this book to my friends? Yes What is my rating towards this book?