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 the dot-com mania to the real-estate bubble, people have always been caught up in frauds, conceits, and wild guesses - often with devastating results. Now Bonner and co-author Lila Rajiva show groupthink at work in an improbable array of instances throughout history and reveal why swimming against the current pays. They explain why people so often abandon good sense and good behavior to "follow the crowd" and show you how to avoid getting caught up in the public spectacles around you. If an investor merely recognizes the way mob sentiment works, he is far ahead of others. Ordinary people turn billions of dollars worth of their hard-earned money over to brokers and fund managers daily, believing that these strangers will give them back even more. Why? This audiobook demonstrates that investors are in fact caught between a rock and a soft place - between the private world they can understand and master and the misleading public spectacle of the markets. "The farther away you get from your investments, and the less you suffer the consequences if they go bad, the worse your performance will be," say Bonner and Rajiva. "That's why 'collective' investments like index-linked funds, mutual funds, hedge funds, insurance funds, and pension funds are usually so bad. The investors are too far from the facts, and the managers are too far from the consequences."
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"Some great lines and interesting thoughts, but poorly edited. I think it might have been rushed to market, as so many of the authors' predictions were coming to pass. " — David (4 out of 5 stars)
"Some great lines and interesting thoughts, but poorly edited. I think it might have been rushed to market, as so many of the authors' predictions were coming to pass. "
" Some great lines and interesting thoughts, but poorly edited. I think it might have been rushed to market, as so many of the authors' predictions were coming to pass. "
" Great book. I lived with this book until done. "
" Actually a very funny book. The authors strike me as a bit too libertarian, but they provide a lot of good insights to a reader who is hoping to avoid the mob, group think, and so-called experts, among other things. "
" This book could have used a team of editors. The authors' thesis is interesting, but obscured by lazy prose, self-conscious jokes and a surfeit of ellipsis. Recommended nonetheless. "
" A fun read that my brother loaned me. Not as academic sounding as some similar books. "
" Very interesting take on the various shills that permeate the public and political space in the world. However, I think Bonner is as guilty of coloring his thoughts with an inward bias. Good read - especially the views on looking at the so called martyrs such as che, mao and many other despots... "
" Clever enough to be of little use "
" Quote from Edward R. Murrow: "A nation of sheep beget a government of wolves." "
William Bonner is president and CEO of Agora Publishing, one of the world’s largest financial newsletter companies. He is the creator of The Daily Reckoning, a financial newsletter with more than 500,000 readers. Bonner is also the coauthor of the international bestsellers Financial Reckoning Day and Empire of Debt.
Erik Synnestvedt has recorded nearly two hundred audiobooks for trade publishers as well as for the Library of Congress Talking Books for the Blind program. They include The Day We Found the Universe by Marcia Bartusiak, A Game as Old as Empire edited by Steven Hiatt, and Twitter Power by Joel Comm.
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