Mobs, Messiahs, and Markets
Surviving the Public Spectacle in Finance and PoliticsBook - 2007
An insightful look at how to succeed by going against the crowd
Collectively, people think and act in ways that are different from how they think and act as individuals. Understanding these differences, says William (Bill) Bonner-a longtime maverick observer of the financial world and the vagaries of the investing public-is vital to preserving your wealth and personal dignity. From the witch-hunts of the early modern world to the war on terror, from dot-com mania to the real estate bubble, people have always been caught up in frauds, conceits, and wild guesses-often with devastating results. In Mobs, Messiahs, and Markets, Bonner and coauthor Lila Rajiva show groupthink at work in an improbable array of instances throughout history and reveal why swimming against the current pays.
- Shares the deeper secrets of investing and pushes you to question what this means for your financial well-being
- Explains why people so often abandon good sense and good behavior to "follow the crowd"
- Offers concrete advice on how you can avoid the "public spectacle" of modern finance
The authors' cautionary tale of bubble economies reveals how the gush of credit let loose by Alan Greenspan has wreaked havoc on our lives-but their thoughtful and always entertaining approach also offers some sound investing principles for avoiding the pitfalls of the public spectacle, thinking for yourself, and protecting your money, your sanity, and your soul.
Financial consultant Bonner and journalist Rajiva point out that history is rife with people following everyone else to their mutual doom, and prove it with a good number of examples. They also show that taking the lead or at least knowing when and when not to follow seems to be the best course for financial and thereby personal success. They recommend that investors become as educated as possible about the specifics of their respective markets and thereby develop a good nose for the right thing, not the next big thing. Annotation ©2007 Book News, Inc., Portland, OR (booknews.com)