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Even if you aren't very interested in art history, THE STORY OF ART remains a must read; at worst, you will be entertained, and at best you will gain an entirely new perspective on art. The prose is masterfully written and the analysis he presents is very accessible. He discusses everything from ancient Greek sculpture to Renaissance painting to modern architecture. The reproductions of the artwork in the book are also extremely good (there are several high-quality fold-out pages included, such as one of Leonardo's Last Supper pre-restoration). I was very pleased with both the amount and breadth of coverage he provided.
Even though I haven't read any other introductory art history books, I find it hard to believe that any other book could do the job as well as Gombrich has done it here. I would highly recommend THE STORY OF ART to anyone who wants an art history primer.
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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.
No 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.
The book, despite its age, holds up well against many modern books on the same topic and should definitely be considered a finance classic!
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I'm not an english born speaker, so i had some difficulties in understand the meaning of some sentences, more exactly, some modisms, wich are very frecuent in Brahms' speech.
In spite of this, I recommend this book because it's just wonderful.
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Highly recommended!
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This is the story of Josef Mengele and his "children of Auschwitz". Selecting primarily twins (or others who caught his eye) from the multitudes of Jews headed for the gas chambers, Mengele used these innocent children to satisfy his own perverse needs, all in the name of research, as human guinea pigs for his own horrendous experiments. The book is based upon interviews with survivors of Mengele's twins, and the reader will quickly discover, there are few survivors. The interviews tell the life of survivors before capture, during their time at Auschwitz and after their release. Almost all victims have had a lifetime of horrific, unending nightmares except those who cannot remember. Those who cannot remember, and there are few, are perhaps blessed with the body's unique defence system to block out that which is too unbearable and too painful to remember.
It has been over fifty years since the Holocaust, but it will forever remain a part of our history. Perhaps we owe it to the survivors of the Holocaust, and the families of those who did not survive, to honour their memory by a book such as this. For those of us who were born after World Ward II, the book will give the reader a deeper appreciation of the freedom we have today in North America.
Moreover, there is nothing gruesome about the book; it avoids detailed accounts of the substance of the experiments, but simply makes the point that the countless procedures performed had no medical value, and were not understood by the twins themselves.
Truly excellent and original.
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From a person who has battled body and food issues for some time, the authors present a new way of viewing my feelings and struggles. Take note that there are many exersizes (which they refer to as "practices") that are time consuming. In addition, to get the most out of this book, you have to be at a place where you are really ready to look at your food/body issues. It is not a diet book, it does not advocate weight loss. The goal, as I see it, is peace.
I personally have yet to follow all the exersizes but believe that when I am ready to truely confront my food/body deamons and take the time for the practices, this will be just what I need. (had i already done more of the exersizes I may have given the book 5 stars).