Die Zürich Axiome - Das Schweizer Geheimnis der Geldanlage

by Max Gunther

NOTE: THIS EDITION OF THE BOOK IS ONLY AVAILABLE FOR PURCHASE TO PEOPLE LIVING OUTSIDE THE UK AND BRITISH COMMONWEALTH COUNTRIES If you want to get rich, no matter how inexperienced you are in investment, this book can help you. Its message is that you must learn neither to avoid risk nor to court it foolhardily, but to manage it - and enjoy it too. The 12 Major and 16 minor Zurich Axioms contained in this book are a set of principles providing a practical philosophy for the realistic management of risk, which can be followed successfully by anyone, not merely the 'experts'. Several of the Axioms fly right in the face of the traditional wisdom of the investment advice business - yet the enterprising Swiss speculators who devised them became rich, while many investors who follow the conventional path do not. Max Gunther, whose father was one of the original speculators who devised the Axioms, made his first capital gain on the stock market at the age of 13 and has never looked back. Now the rest of us can follow in his footsteps. Startlingly straightforward, the Axioms are explained in a book that is not only extremely entertaining but will prove invaluable to any investor, whether in stocks, commodities, art, antiques or real estate, who is willing to take risk on its own terms and chance a little to gain a lot. contents Introduction: What the Axioms Are and How They Came to Be The First Major Axiom: On Risk The Second Major Axiom: On Greed The Third Major Axiom: On Hope The Fourth Major Axiom: On Forecasts The Fifth Major Axiom: On Patterns The Sixth Major Axiom: On Mobility The Seventh Major Axiom: On Intuition The Eighth Major Axiom: On Religion and the Occult The Ninth Major Axiom: On Optimism and Pessimism The Tenth Major Axiom: On Consensus The Eleventh Major Axiom: On Stubbornness The Twelfth Major Axiom: On Planning [The 16 Minor Axioms appear within each of the chapters on the Major Axioms]

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

Hardcover

First published January 1, 1985

About the author

Max Gunther was an Anglo-American journalist and writer. He was the author of 26 books, including his investment best-seller, The Zurich Axioms.

Born in England, Gunther moved to the United States at age of 11 after his father, Franz Heinrich became the manager of the New York branch of a leading Swiss bank, SBC.

Gunther graduated from Princeton University in 1949 and served in the United States Army from 1950 to 1951.

He worked at Business Week magazine from 1951 to 1955 and during the following two years he was the contributing editor for Time Magazine. He also contributed to Playboy, True, Reader's Digest, TV Guide, McCall's, and Saturday Evening Post.

Reviews

[Nahuel · Rating 4 out of 5]

Solid read. Greet high level “concepts” to use as swim lanes as you navigate the stock market.

Here are my take aways:

1. Always play for meaningful stakes
2. II: Resist the allure of diversification.
3. Decide in advance what gain you want from a venture, and when you get it, get out.
4. Accept small losses cheerfully as a fact of life. expect to experience several while awaiting a large gain.
5. Do not become trapped in a souring venture because of sentiments like loyalty and nostalgia.
6. Never hesitate to abandon a venture if something more attractive comes into view.
7. Never follow speculative fads. often, the best time to buy something is when nobody else wants it.

[Diego Eis · Rating 4 out of 5]

Livro incrível, mas só para investidores que gostam de risco e de especular. Investidores moderados ou conservadores acabarão o livro um absurdo, agressivo e sem noção. Se você não é um investidor que gosta de correr riscos, esqueça esse livro. Contudo, se você é alguém conservador ou moderado, mas gosta de aprender mais sobre esse mundo da especulação, leia.

Se você é novato como eu, vai se ver em uma série de cenários que o autor descreve. Pelo visto, cenários estes acontecem com todos os níveis de investidores.

Você entende também que especular e correr riscos não é algo descontrolado e maluco como os filmes mostram por aí e que embora haja uma certa coragem, é algo que depende mais do seu emocional e atenção ao momento do que algo realmente técnico. Contudo, você precisa aprender os meandros técnicos para se tornar um ótimo especulador.

Os axiomas são regras que devem ficar à vista de qualquer Trader ou investidor, de qualquer mercado ou nível de conhecimento.

[Ricardo Renesto · Rating 4 out of 5]

Para ser sincero eu esperava mais. É um livro muito comentado e respeitado entre os pequenos investidores. Ele traz alguns pontos muito interessantes para reflexão, mas em compensação, discordo fortemente de outros. De qualquer forma o livro ajuda a refletir e repensar algumas máximas à respeito do mercado. Vale a leitura, é um livro curtinho e bem escrito.

[Joshua Zhang · Rating 3 out of 5]

Good principles for most Axioms.
Don't agree with all of them.

The First Major Axiom: ON RISK
Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.
- Minor Axiom I: Always play for meaningful stakes.
- Minor Axiom II: Resist the allure of diversification.

The Second Major Axiom: ON GREED
Always take your profit too soon.
- Minor Axiom III: Decide in advance what gain you want from a venture, and when you get it, get out.

The Third Major Axiom: ON HOPE
When the ship starts to sink, don't pray. Jump.
- Minor Axiom IV: Accept small losses cheerfully as a fact of life. Expect to experience several while
awaiting a large gain.

The Fourth Major Axiom: ON FORECAST
Human behavior cannot be predicted. Distrust anyone who claims to know the future, however dimly.

The Fifth Major Axiom: ON PATTERNS (Emperor Axiom)
Chaos is not dangerous until it begins to look orderly.
- Minor Axiom V: Beware the Historian's Trap.
- Minor Axiom VI: Beware the Chartist's Illusion.
- Minor Axiom VII: Beware the Correlation and Causality Delusions.
- Minor Axiom VIII: Beware the Gambler's Fallacy.

The Sixth Major Axiom: ON MOBILITY
Avoid putting down roots. They impede motion.
- Minor Axiom IX: Do not become trapped in a souring venture because of sentiments like loyalty and nostalgia.
- Minor Axiom X: Never hesitate to abandon a venture if something more attractive comes into view.

The Seventh Major Axiom: ON INTUITION
A hunch can be trusted if it can be explained.
- Minor Axiom XI: Never confuse a hunch with a hope.

The Eighth Major Axiom: ON RELIGION AND THE OCCULT
It is unlikely that God's plan for the universe includes making you rich.
- Minor Axiom XII: If astrology worked, all astrologers would be rich.
- Minor Axiom XIII: A superstition need not be exorcised. It can be enjoyed, provided it is kept in its place.

The Ninth Major Axiom: ON OPTIMISM AND PESSIMISM
Optimism means expecting the best, but confidence means knowing how to handle the worst. Never make a move if you are merely optimistic.

The Tenth Major Axiom: ON CONSENSUS
Disregard the majority opinion as it is probably wrong.
- Minor Axiom XIV: Never follow speculative fads. Often, the best time to buy something is when nobody else wants it.

The Eleventh Major Axiom: ON STUBBORNNESS
If it doesn't pay off the first time, forget it.
-Minor Axiom XV: Never try to save a bad investment by "averaging down."

The Twelfth Major Axiom: ON PLANNING
Long-range plans engender the dangerous belief that the future is under control. It is important never to take your own or other people's long-range plans seriously.
-Minor Axiom XVI: Shun long-term investments.

[Tirath · Rating 1 out of 5]

A book based on a flimsy premise and hence, appealing to the masses.

Its a very engaging writing style and full of lessons - axioms - for how to grow wealth and blah blah.
It is for a novice trader or investor who invests without much diligence.

Stuff about not diversifying too much, no charting, how to bet heavily but not too heavily, etc.

[June Ding · Rating 1 out of 5]

There are some sound points, but mostly many ideas are wrong and could be risky indeed if following them. At the start, the book argues there is no difference in investment and speculation and gamble which I have to fundamentally disagree. Investment is about managing your risk. Speculation and gamble is about playing luck. When the author mixes the two, investment is like gamble.

[Yuni Amir · Rating 3 out of 5]

The only reason I read this book is because one friend quoted a line from this book from memory. I thought it was impressive.

However, I totally forgot I can’t read books with millions of anecdotal evidence. For people like me, I suggest to just take note on the major and minor axioms. Those are descriptive enough.

[Jhonatan Ramos · Rating 5 out of 5]

Esse livro nos ensina a ser um especulador inteligente através de 12 grandes e 16 pequenos axiomas. Neles, aprendemos a importância de nos arriscar pra valer, de realizar o lucro cedo, de abandonar o barco quando ele começa a afundar e como lidar com a intuição nos nossos investimentos. Também nos adverte sobre os seguintes perigos - diversificações, ganância, previsões sobre o futuro, superstições, ilusões de ordem, criação de raízes, otimismo, teimosia, investimentos da moda, fazer preço médio em ações e investimentos a longo prazo.

No meu entender, seus axiomas são excelentes guias para ter sucesso na difícil tarefa de especular com confiança, pois nos dão a mentalidade necessária para arriscar, para reagir às flutuações do mercado e para lidar com nós mesmos. É quase a antítese perfeita do clássico "O Investidor Inteligente", de Benjamin Graham, por isso, recomendo aos amigos a leitura de ambos para que possam tirar as suas próprias conclusões. Por fim, seguindo estratégias distintas, os dois servem como grandes armas para enfrenter o maior inimigo do investidor - ele mesmo.

[Renan Zelli Paim Inacio · Rating 4 out of 5]

No começo tive a impressão que seria um livro sobre investimento hardcore tudo ou nada devido ou primeiro axioma. rs. Mas continuando a leitura percebi que os axiomas trazem boas reflexões sobre a maneira como lidamos com o risco, que pode ser extrapolado para outras áreas da vida. Os casos e contexto sobre o mercado que são passado são bem interessantes para entender o cenário. E apesar de chamados de axiomas não acho que sejam inquestionáveis (mesmo por que o livro já tem mais de trinta anos), por outro lado podem ser um bom ponto de partida para futuras reflexões.

[Víctor Leonardi · Rating 4 out of 5]

Obviamente precisa-se de dinheiro e tempo para realmente colher os ensinamentos do livro.

Dito isso, a didática dele é muito boa e os exemplos são claros, apesar de datados. Alguns tópicos podem parecer triviais mas, pela ótica apresentada, revelam novas facetas e soluções.

[Yor · Rating 4 out of 5]

Mis amigos, les comparto mi lectura sobre el libro "El poder secreto de los banqueros suizos" por Max Gunther.

En busca de mejorar las finanzas personales me recomendaron este libro, muy bueno, interesante, y perfecto para aquellos que quieran formar un camino en el trade, o inversiones de valores.

Algunas de las lecciones que aprendí, es que en Suiza son excelentes apostadores, saben como dirigir sus inversiones hacía la especulación correcta para obtener ganancias, identificar los momentos de oportunidad para retirarse de un negocio o inversión. La filosofía de los banqueros Suizos se les puede llamar Los axiomas de Zurich.

- Primer axioma mayor - Sobre el riesgo.
La preocupación no es una enfermedad sino una señal de salud. Si usted no está preocupado, no está arriesgando lo suficiente.

- Segundo axioma mayor - Sobre la codicia
Siempre tome su ganancia demasiado pronto.

- Tercer axioma mayor - Sobre la esperanza
Cuando el barco comienza a hundirse, no rece. Salte.

- Quarto axioma mayor - Sobre los pronósticos
No se puede predecir la conducta humana. Desconfíe de cualquier que afirma que conoce el futuro, aunque sea confusamente.

- Quinto axioma mayor - Sobre los patrones
El caos no es peligroso hasta que comienza a parecer ordenado.

- Sexto axioma mayor - sobre la movilidad
Evite echar raíces. Impiden el movimiento.

- Séptimo axioma mayor - sobre la intuición
Se puede confiar en una corazonada si se la puede explicar.

- Octavo axioma mayor - sobre la religión y lo oculto
Es improbable que el plan de Dios para el Universo incluya hacerlo rico a usted.

- Noveno axioma mayor - sobre el optimismo y el pesimismo
El optimismo significa esperar lo mejor, pero la confianza significa saber cómo manejará lo peor. Nunca haga un movimiento si simplemente se siente optimista.

- Décimo axioma mayor - sobre el consenso
Ignore la opinión de la mayoría. Probablemente está equivocada.

- Undécimo axioma mayor - sobre la terquedad
Si no da resultado la primera vez, olvídalo.

- Duodécimo axioma mayor - sobre la planificación
Los planes a largo plazo engendran la peligrosa creencia de que el futuro está bajo control. Es importante que nunca se tome en serio sus propios planes a largo plazo, o los de otras personas.

[Shashank · Rating 4 out of 5]

Well, where do I start? Intrigued by the relevance of the axioms laid down by the Swiss for speculating in various asset classes.

The book is broadly divided into 12 axioms, which are thumb rules and many other sub -axioms that support these.Read together, they form the basis for evaluating speculative opportunities across various asset classes. While most of these are common sensical, the beauty in these axioms lie in the staggered explanation that Max Gunther gets into. You will face most, if not all of these situations while speculating and these are good rules to keep while going ahead.

The 12 axioms are:
1. Always play for substantial stakes.
2. Get out before the top is hit
3. Avoid believing predictions of large houses and media - human behaviour is not predictable
4. Getting rich is not part of god's plan
5. Worrying is part and parcel of speculation. If you want to avoid it, dont speculate
6. Chaos is not dangerous till it begins to look orderly
7. Avoid putting down roots into anything. Get attached to people
8. A hunch can be trusted if it can be explained
9. Disregard the majority opinion - think for yourself while betting for or against
10.If it does not pay off the first time, forget it
11. Don't average down a sour investment - cut losses
12. Long range plans are pointless. Constant review needs to be done as the future is not under control

Good introduction to risk, rewards and speculations for anyone interested in finance and markets. Adds a bit of finesse to any talk you would have with clients too :p

[Ester Garcia · Rating 5 out of 5]

Pode acontecer um estranhamento no começo da leitura. É preciso estar de cabeça aberta e ir lendo aos poucos, pois, no final, tudo faz sentido.

Não é uma obra com aplicação absoluta é inquestionável, mas nenhuma obra é. Tudo o que o autor coloca como os a axiomas, mais cedo ou mais tarde, fará sentido na prática. Gostei muito.

De vários insights que o livro traz, um dos mais interessantes pra mim foi: a maioria das pessoas acredita que os antigos clichês são verdades indiscutíveis. Isso posto, vale a pena observar que a maioria das pessoas não é rica.

[Manan · Rating 4 out of 5]

Good to brush up on the basics of risk taking and avoidance, role of luck vs. skill, and a few other principles. Though I might not agree with all the axioms, but definitely a good read.

[Bruno Barcellos · Rating 5 out of 5]

Depois de ler, consigo entender o porquê este livro é uma leitura importante para quem se interessa por mercado de ações.

São conselhos simples até. Aquele tipo de regra que todo mundo espera que você saiba, mas ninguém fala sobre.

O livro é curto, em alguns momentos dá até a impressão de que o autor enrola um pouco para aumentar as páginas. A linguagem é muito acessível, mesmo se tratando de um livro antigo.

[Ricardo Viana · Rating 3 out of 5]

O livro é uma espécie de clássico para investidores. No final dos anos 80 era comumente citado como referência para todos que buscavam melhor entender as melhores práticas em finanças.
Hoje, naturalmente, não é um texto atualizado e o conteúdo poderá ser encontrado em livros mais modernos.
Reconheço um fato muito positivo para o autor: o consistente discurso sobre a imprevisibilidade do futuro, algo bastante atual.

[Francisco Prado · Rating 4 out of 5]

Não acho que o autor fala que todo mundo é jogador. Pelo contrário, entendi que o autor alerta contra decisões que tomamos iguais a de um jogador, com técnicas de jogador, a não ser que tenha fundamentos.

[Ujval Nanavati · Rating 4 out of 5]

Excellent primer for any speculator (there are no investors, only speculators - the degree varies, that's all), for overcoming many factors that hold us back. Perhaps a bit too basic but you'd be surprised at how many of the mistakes listed herein are repeated by many pros.

Aged well, these have.

[Rebecca G. ⚓️ · Rating 4 out of 5]

Gunther escreve como se estivesse falando com um amigo, os exemplos com a Ula lá e a Oba Company são bem didáticos.

Como todo livro sobre investimentos, tem um viés muito forte, nesse caso para especulações de curto prazo.

[Avadhoot Joshi · Rating 4 out of 5]

Every investor/speculator should be introduced to these axioms at an early stage.
5th,6th and 10th major axioms offer insights which should be remebered throughout one's investing journey.

[Gustavo Lorentz · Rating 4 out of 5]

Perigoso

[Diogo · Rating 5 out of 5]

Ideias interessantes a respeito de não focar cegamente no longo prazo, evitar pulverizar os investimentos, evitar fazer previsões sobre o futuro e saber o momento certo de sair de uma aplicação financeira.

[Chris Esposo · Rating 4 out of 5]

The “Zurich Axioms” are a good set of guidestones on investing, less axiom, and more dictums, these statements mostly focus on when to take profit, how to be a keen contrarian, and most importantly, how to govern your own decision-making to ensure you’re not being overly optimistic (or pessimistic). There are 12 major axioms and 16 minor ones. To be honest, I didn’t perceive much substantive difference to explain why a statement fell into “major” or “minor”, except that the author choose to organize the minor axioms thematically with respect to a major one.

In the context of investing philosophy, this book is definitely not from the technical school, in fact one of the minor axioms is to “Beware the Chratist Illusion”, though I suppose skepticism of chartism doesn’t preclude one to being a technicalist, though the term “chartism” is often used pejoratively by those skeptical of the whole enterprise of technical analysis. Yet, this book is not from the “value” school nor is it from any kind of fundamental analysis. Unlike those, the Zurich Axioms makes clear that it is instructing it’s readers to speculators, pure and simple.

Speculation however, necessarily makes the decision/strategy around the investment activity more abstract than either the fundamentalist or technical schools In those perspectives, one is assessing something “real” and there is a belief that the “real” object, whether it be the business reflected in an accounting book, or a time series, who’s abstract physicality can be understood from certain assumptions on the nature of trend, and how it is constricted, which can be predicted by observing momenta, and other indicators/filters etc, follow some kind of inherent system driven law, which allows extracting a regularity (and does concrete advice) possible.

From the perspective of the Zurich Axioms, however, much of what is correlated to successful speculation can be described as applying a healthy amount of skepticism to one’s own thoughts. Whether those thoughts occur after observing other market participants, or arise within from the ether of one’s own mind, this kind of speculation is dependent on one knowing when “the getting is good”, in a way, it’s sort of like being a self-therapist for one’s self while one is engaged in the activity of investing.

I suspect these rules would apply better in certain types of equities relative to others. For instance, more than a few axioms center on not being too greedy, and taking profit when you have a good a profit, or when an equity is dropping, to not second guess one’s self, and get out of that position before it goes down further. One specific rule actually states not to average-down. Though this later rule has often been repeated by many other schools of thought, including trend-followers, I’ve personally seen many instances where these rules would have failed spectacularly, and the book admits as much. However, as the text states, for every one moment you kick yourself for missing a major trend-up, you will kiss yourself for avoiding duds. However, in the case of the past 10 years, just finding and holding onto one equity, averaging-down during down-swings, and being crazy, for say a Tesla, or an Nvidia, or a Shopify, would have been worth 1000 other moderately growing stocks. Many of these could be symptoms of a bubble, or their growth could be emenating from the exponential nature of the evolution of technology. It's yet unclear, and thus how "timeless" the advice provided in the Zurich axioms is also unclear.

Still, I believe these rules/axioms are great mental companions to decision making in the market, and like any rules, they are never always right, and sometimes contradictory. It’s really up to you to marry them to your own experience to form something cohesive. For what they are, I believe they are a great set of tools. Recommended.

[Alok · Rating 3 out of 5]

Nothing new

If you've read a few books on finance and personal finance, you'll find nothing new in this book. And it's not a very good book for beginners either, because these axioms can't be internalized by just reading. The anecdotes aren't memorable and there are no data based analysis. While there are no aha moments, there's nothing to disagree either. So a 3

[Arun Kumar · Rating 4 out of 5]

Must read book for contrarian view on usual norms of investing or rather speculating (that's what the term used in this book). It gives you an interesting and intriguing approach to your investing decisions. Basically, Be Agile and don't just sit on your assets, things change, situations change, environment change and you need to react with utmost care. Keep your eyes and ears and mind open. Take risks !! Non-linear approach always works better if you are agile. Everyone should read this awesome book once atleast in their life. Btw, don't follow the axioms blindly as this will defeat the purpose of this book itself (if you know what I mean) 😃😉 for contrarian view on usual norms of investing o to qr rather speculating (that's what the term used in this book). It gives you an interesting and intriguing approach to your investing decisions. Basically, Be Agile and don't just sit on your assets, things change, situations change, environment change and you need to react with utmost care. Keep your eyes and ears and mind open. Take risks !! Non-linear approach always works better if you are agile. Everyone should read this awesome book once atleast in their life. Btw, don't follow the axioms blindly as this will defeat the purpose of this book itself (if you know what I mean) 😃😉

[©D.G.D · Rating 5 out of 5]

I don't know why this book is not on the top recommended list of every investor!?

Must must read!!

[Wei Jiun · Rating 5 out of 5]

Nice collection of general financial advice that still seems holds true today (even after almost 3 decades). The axioms in this book explains certain mindsets/concepts that may sound intuitive in everyday life, but do not work in the world of finance. I've recently started my financial freedom journey, and this book highlights all the intentional or subconscious mistakes I've made so far... some need to learn the hard way.

The book is written in plain language, without any big jargons or complexities, making it an easy read. I'll shall revisit this book now and again, to have reminders of what to do and think.

I feel anxious and scared when thinking about my financial future, when I am too weak for traditional work, yet needing to support myself and my family. That's why I especially relate to the last axiom which warns against planning for a future that we cannot see. It's too far into the future, we can only plan for what we can know, and hope that all the little wise steps will eventually lead us to a better financial future :)

[Nikolay · Rating 5 out of 5]

Аксиомы инвестора. Созвучна во многом с книгой Лоеба Battle for investment survival, и других именитых спекулянтов, читается легко, очень короткая.

Сами аксиомы:
Риск это хорошо
Жадность - это плохо
Надежда - еще хуже жадности
Никого не слушай. Вообще никого.
Модели и паттерны - сакс
Ностальгии не место в инвестициях
Интуиция должна быть изрядно подкреплена опытом
Не вмешивай высшие силы в инвестиции
Голый оптимизм - что может быть хуже
Игнорируй мнение большинства
Неудача в сделке с активом - забудь о нём
Долгосрочные инвест-планы - путь к фиаско

[Juanpi · Rating 2 out of 5]

This was a tough read for me, since most axioms go against my (and most people I admire) investment philosophies. Mainly, Gunther recommends the following: don’t diversify (Axiom 1), don’t hold positions for the long term, but rather sell once you’re satisfied with your gains (Axiom 2), sale assets as soon as prices start falling (Axiom 3), etc... Imagine following Axiom #3 this year in March and missing out on the sharp market recovery or imagine following #2 and selling Amazon late 1990’s after being “satisfied” with your returns.

[Yuri Silva · Rating 5 out of 5]

O livro é excepcional, porém existem alguns pontos importantes que devem ser levados em consideração antes de ler o livro: primeiro, o livro é de 1985 e boa parte dos exemplos são levados a realidade que era nesta época (não que os ensinamentos estejam defasados, claro), e segundo que o livro não te leva a dicas ou manuais de investimento. A leitura é principalmente recomendada para quem já investe. De resto, um livro essencial quem pensa em investir, especular e aprender a lidar com riscos.