After every bubble, we need to relearn the basics. Here is some essential reading
Robin Angus’s anthology of his own writings — “A Shared Journey: Extracts from Personal Assets Trust Quarterly Reports 1994-2021.”
It is gorgeously written, quite funny and jammed with pure investing common sense. As a bonus you will find other books with utility value suggested along the way.“
“The End of the Everything Bubble” by Alasdair Nairn published it in October 2021 — that’s the kind of timing you don’t often see from fund managers.
Next is “The Price of Time” by Edward Chancellor, the story of how negative interest rates, “the craziest innovation in finance” in 5,000 years, gave us one of the greatest asset bubbles ever, by taking out the anxiety (and hence care) that should be associated with borrowing.
“The Money Game” by Adam Smith (actually George Goodman) was first published in 1967, but every word is as valid now as then. There’s much on the emotions and psychology of markets.
Merryn Somerset Webb Bloomberg 23 december 2022
While in all other areas learning is cumulative, in finance it is cyclical.
Merryn Somerset Webb FT 8 July 2022
https://englundmacro.blogspot.com/2022/07/holiday-reading-your-first-port-of-call.html
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