Суперденьги: Поучительная история об инвестировании и рыночных пузырях

by George Goodman

Адам Смит (Джордж Гудмен) — преподаватель Принстонского университета, автор бестселлера «Игра на деньги». У него богатый опыт управления несколькими инвестиционными фондами, авиакомпаниями и даже международной сетью отелей. Написанная в характерном для Адама Смита полном юмора стиле книга «Суперденьги» открывает читателю, что скрывается за кулисами фондовых рынков, и на примере финансового кризиса в США конца 1960-х — начала 1970-х годов описывает природу рыночных пузырей. Учитесь на этой поразительной истории, наслаждайтесь остросюжетным повествованием о дикой и безумной эпохе, которая похожим образом повторяется снова, и снова! Книга предназначена для шир

Genres: Finance, Economics, Business, Nonfiction, Money, History, Personal Finance

391 pages, Kindle Edition

First published January 1, 1972

About the author

George Jerome Waldo Goodman (August 10, 1930 – January 3, 2014) was an American author and economics broadcast commentator, best known by his pseudonym Adam Smith (which was assigned by Clay Felker at New York magazine in order to keep his published articles about Wall Street anonymous). He also wrote fiction under the name "George Goodman".

Reviews

[Ben Peyton · Rating 5 out of 5]

This was another excellent book from George Goodman aka Adam Smith. It looks at the bursting of the stock bubble at the end of the 1960s through different lenses. He argues that the advent of supermoney led to the subsequent buying panic at the end of the 60s and the eventual bursting of the bubble. Supermoney being wealth created by the buying/selling/issuing of stocks.

The last chapter of the book reflects on capitalism in America at the beginning of the 70s and includes a lot of topics still discussed today: environmental limits of growth, the effect of capitalism on labor and management, and the limits of growth in a modern economy.

One topic I liked is Goodman's look at investors' attempts to manage risk by using advanced mathematical models to give themselves an element of comfort. There's a great quote from a banker along the lines that the computer and math nerds think they can assign degrees of risk to the 5th or 6th decimal but in reality, they are nothing by charlatans.

This book could be overly technical for some people in spots but it really is an easy read. The author is great. Think of like Michael Lewis but with more details and more humor.

[Tirath · Rating 4 out of 5]

Adam Smith's writing style is stupendous. Get the book because it is hilarious, intelligent and so old and yet so relevant. Don't quite agree with his idea of Supermoney, but may be it was the times... the 60s in the US. The small bit about Buffett is worth reading over and over again. Another brilliant thing is a reflection of what the 60s and the early 70s were in the US. Wild and scary.
(99) The pursuit of money questioned
(173) onwards - praise for Graham and Buffett
Pages after 250 also brilliant.


- Intelligent and Hilarious

[Joel Gray · Rating 2 out of 5]

OMAHA GIVES ME PERSPECTIVE

Supermoney is capitalised income (option etc).

From 1973 to 1974 the market fell 50%, back to the level of 1959.

The final 2 years of the bubble (71&72) reflected a shifty from the go-go era (buy great companies and not sell them) to the nifty fifty.

It was 35 years from 1929 to 1965 and it would be another 33 years before the next bubble would emerge.


The average punter likes to have stocks rather than mutual funds so as he can watch the stock prices. He really enjoys looking up the prices each day.

Penn Central was the 6th largest company in the US when it went broke in 1970.

The first requisite for managing other peoples money is a sense of responsibility.

[Thomas · Rating 5 out of 5]

Engrossing. What a clever book. An entertaining, sublimely ironic style wrapped around topics that have lost none of their relevance, while portraying the market meltdown of the early 70ies. Most astonishing find is that very last chapter, which is rich with musings about sustainability, and the direction in which unfettered capitalism may take the world. Protestant Ethic (yes, really!), The Greening of America (yes, really!), and, less surprisingly in his appearance than the quotes, Keynes.

'Long before the term "counter-culture" came to be bandied, Keynes had delineated the lopsidedness of the accumulative society. "We have been trained too long to strive," he said, "and not to enjoy." Perhaps in a hundred years, he wrote - a hundred years from 1931, that is - the chief problem of mankind would be to live agreeably, and wisely, and well.'

[Tuan Nguyen · Rating 4 out of 5]

Spoiler alert. This was a good read. Provided a good overview of the financial landscape and historical context in the late '60s and early '70s, touching on the go-go era and conglomerate boom. 'Adam Smith' recounts three interesting stories - the commercial paper liquidity crisis, following Penn Central's collapse; the broker industry debacle; George Goodman's personal experience investing in a fraudulent Swiss Bank that overextended in commodities and futures trading. He then goes on to talk about Buffett and Ben Graham, the value investing philosophy, and how Buffett avoided the whole 1960s craze and still managed to outperform everybody.

Overall, I enjoyed it and might re-read certain parts of it but wouldn't put it on my favorites list as far as financial history books are concerned.

[Socraticist · Rating 3 out of 5]

It’s mostly about the period between 1965 and 1972. Amazing how history repeats itself about 30 years later, so yes, we can learn from this previous time.

All in all quite a nice little book about investing until the last, long chapter where it gets all sociological and philosophical.

3.5 stars.

[Romeo RJ]

The courage to stand up against institutional stupidity and the IVY league types—I will forever be indebted to the timeless principles of this book. You will never be able rich without applying the concepts of this book to your life. It has been a tough read and I love finance but well worth it.

[Vibhor Jain · Rating 3 out of 5]

This book was written in 1970s and is relevant, in parts, even today. Despite my rating 3.5 stars and overall rating of 3.85 on Goodreads (at the time of writing this review), this is still a must read for anyone who wants to understand the world of investing and how some things never change.

[John McHugh · Rating 4 out of 5]

Fascinating perspective on the economic gyrations of the early 70s. Written in 1972 and recapping the concerns of the late 60s and early 70s. Just before the opec price shocks and stagflation that were about to follow. It gives a reminder that every era has its worries

[Jibran De La Rosa Ramos · Rating 4 out of 5]

Good book.

[Daniel · Rating 5 out of 5]

Wonderful. Goodman’s (Adam Smith) writing is intelligent, hilarious and shockingly relevant despite being written some 50+ years ago.

[Denny Troncoso · Rating 4 out of 5]

A lot of information about investing. Sometimes it was a bit sporadic and disorganized but nevertheless a good book with some valuable nuggets.

[Андрей С. · Rating 4 out of 5]

В целом интересные заметки о кредитном сжатии и денежном ужесточении. Знакомый Баффета и Грэма. Под конец немного философии. Самый лучший эпизод-обед с Грэнвиллем

[Avinash Rao · Rating 4 out of 5]

A good read. But nothing new :)

[Jonathan · Rating 3 out of 5]

I read about this book for the first time in Alice Shroeders's the Snowball and thought that if it is indeed the first book to ever mention Warren Buffet I should add it to my reading list to see what was said at the time. It turn out that this section is tiny. The story is mainly about a former trader who through various lessons in life has finally come to understand the dangers of speculation and the power of long term compounding. But the key takeaway for me was the highlight on caution and scepticism at all time: in other words even what looks like the safest swiss bank can fail. It's funny because I am a French expat working in trading and living in Switzerland and I could totally relate to what he was saying even 40 years later. In my opinion, his observations of the Swiss culture are spot on. I also believe like him that the protestant culture of industry and thrift, was at the root of capitalism.

[Steven · Rating 3 out of 5]

I heard good things about this book, but it didn't strike a cord with me. In it's day it was probably really good, however, I didn't like the style of writing and frequently got lost. Not sure if that was fully the writing or the topic or disinterest on my part or what. However, there was some good information in there, but it wasn't worth rummaging for in my opinion.

[Aharon · Rating 5 out of 5]

USA! USA!

[David · Rating 5 out of 5]

Still accurate today.

[Julian Bu · Rating 4 out of 5]

first rate story telling and hilarious account of various stock players, including a chapter on the oracle of omaha when he was relatively obscure.

[Thomas · Rating 5 out of 5]

Inspiring

[Deepak Kapur · Rating 4 out of 5]

great work. part of the go go years of 1960's and early seventies. The book introduced Warren Buffet to the world

[Nirman R Shetty]

Apparently this book talks about Warren Buffet before he became famous and just after he had shut down his hedge fund and wondering about what to do next