The Most Important Finance Books Ever Written


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원본 자료출처:http://www.businessinsider.com/

Benjamin Graham, 'The Intelligent Investor'




John Burr Williams, 'The Theory of Investment Value'




Philip Fisher, 'Common Stocks and Uncommon Profits'

Eugene Fama, 'The Foundations of Finance'


Peter Lynch, 'One Up On Wall Street'

Aswath Damoradan, 'Damodaran on Valuation'

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  • Aswath Damodaran 지음 Wiley 2014년 03월
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Jeremy Siegel, 'Stocks for the Long Run'

Robert Shiller, 'Irrational Exuberance'

북리뷰:http://booklog.kyobobook.co.kr/pcjkbc1106/1308136/#0

2011년 미국 뉴욕에서는 금융권의 탐욕과 소득 불평등에 맞서 월가를 점령하라!(Occupy Wall Street!)’는 반금융 시위가 벌어졌고 급기야 전 세계 1500여개 도시로 확산됐다. 2008년 미국의 서브 프라임 모기지 사태로 발발한 세계 금융위기는 일반 대중으로 하여금 금융권을 아예 사기꾼’, ‘약탈자’, ‘범죄집단으로 낙인찍게 만들었다우리나라에서도 최근 동양그룹의 CP(기업어음불완전판매 사태국민은행의 고액 사기대출 사건 등이 터지면서 금융에 대한 시민들의 불신과 불안이 팽배해지는 건 아닌지 우려된다.
 
그렇다면 과연 금융은 정말 이렇게 부도덕하고 탐욕스럽기만 한 악의 무리인가과연 금융의 본질은 무엇인가하는 물음에 답은 없는가비록 완전하지는 않지만 분명히 답은 있다고 말하는 사람이 있다바로 올해 노벨경제학상 수상자로 선정된 로버트 실러 예일대 교수다그는 예일대 경제학과 교수이자 예일 경영대학원 금융학과 교수로서주택시장과 닷컴 버블을 경고한 <이상 과열Irrational Exuberance>, 금융위기를 행동경제학으로 분석한 <야성적 충동Animal Spirits>, 부동산 거품과 경제 시스템 간의 상관관계를 분석한 <버블 경제학The Subprime Solution> 등의 저자이며행동경제학의 대부이자 사회심리학을 전통적인 경제학과 결합시켜 버블 형성과 붕괴서브 프라임사태 등을 정확히 예측한 바 있다.
 
실러 교수는 2012년에 발간한 신작 <새로운 금융시대Finance and the Good Society>에서 금융은 여전히 중요한 사회적 도구이자 절대적으로 필요한 장치라고 말한다그는 글로벌 금융위기의 주범은 금융’, 혹은 금융기관’ 자체가 아니라 금융시스템이라고 분석한다나아가 금융이 좋은 사회를 만드는 데 기여할 수 있다고 단언하며구체적으로 실행 가능한 여러 가지 아이디어도 제시하고 있다.




<신간

새로운 금융시대
[국내도서] 새로운 금융시대
저자 로버트 쉴러
출판사 알에이치코리아 | 2013.11.15
정가 17,000 원 판매가 15,300 원 ( 10% +10% P)
평점 내용  디자인 



John Murphy, 'Technical Analysis of the Futures Market'






Robert C. Merton, 'Continuous-Time Finance'


John Bogle, 'Common Sense on Mutual Funds'


Warren Buffett, 'The Essays of Warren Buffett'



Anthony Crescenzi, 'The Strategic Bond Investor'






Geoffrey Moore, 'The Gorilla Game'












Adam Smith, 'The Money Game'

Nassim Taleb, 'The Black Swan'




George Soros, 'The Alchemy of Finance'

한국어판 책은 아무리 찾아도 없어서.
원문 pdf 첨부

파일은...10MB까지 첨부..이구만...40MB라서 필요하신분은 출처로부터.









참고

Kathryn Staley, 'The Art of Short Selling'





Posted by Johns Shin
,

http://www.businessinsider.com/the-most-important-finance-books-2012-5?op=1


The Most Important Finance Books Ever Written

Peter Lynch

Peter Lynch wrote a few books in his time.

Investment books are a dime a dozen. Book stores have sections devoted to investing in the stock market, personal finance, and how to 'get rich quick.'

These 21 selected books appear on must-read lists over and over.  They are the best finance books ever written, and the list should save you some time when perusing a book store or online searches.

Many of the books are niche investment books, focusing on the bond market, futures market, or some other particular feature of investing. Others get down to the basics and have been pillars of the investing world for decades.


Benjamin Graham, 'The Intelligent Investor'

Benjamin Graham, '<a href=http://www.amazon.com/gp/product/0060555661/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0060555661>The Intelligent Investor</a>'

Benjamin Graham was a mentor to Warren Buffett, and is considered to be the father of value investing, which Graham became famous for in both his teachings at Columbia Business School and in his book, Security Analysis.

'Security Analysis' is the longest running investment text ever published, and 'The Intelligent Investor' was called "the best book about investing ever written" by Warren Buffett.

John Burr Williams, 'The Theory of Investment Value'

John Burr Williams, '<a href=http://www.amazon.com/gp/product/087034126X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=087034126X>The Theory of Investment Value</a>'

John Burr Williams was one of the first financiers to utilize the discounted cash flow theory, which is still an extremely popular method for company evaluation.

Williams is a founder of fundamental analysis and his 1938 book, 'The Theory of Investment Value', is one of the most popular investing books in history. In this book, he articulates the DCF theory and focuses heavily on dividend based valuation.

Williams held four Harvard degrees and taught economics at the University of Wisconsin. Along with 'The Theory of Investment Value', Williams published 'International Trade Under Flexible Exchange Rates' in 1954 as well as many articles for economic journals.

Philip Fisher, 'Common Stocks and Uncommon Profits'

Philip Fisher, '<a href=http://www.amazon.com/gp/product/0471445509/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471445509>Common Stocks and Uncommon Profits</a>'

Wikimedia Commons

Philip Fisher's book, which was published in 1958 and titled 'Common Stocks and Uncommon Profits' contains many studies that are still applied heavily by investors nearly 50 years later. It was the first ever investment book to make the New York Times bestseller list.

Fisher's claim to fame was his focus on growth investing. Along with his writing, Fisher founded Fisher and Company, a money management firm, in 1931. He is famous for buying shares in Motorola in 1955 and holding those shares until his death in 2004. In Fisher's opinion, the best time to sell a stock is "almost never."

Eugene Fama, 'The Foundations of Finance'

Eugene Fama, '<a href=http://www.amazon.com/gp/product/0465024998/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0465024998>The Foundations of Finance</a>'

Eugene Fama received his undergraduate degree from Tufts University and his MBA from the Booth School of Business at the University of Chicago. He continued to teach at the University of Chicago after receiving his Ph.D.  He's known as the father of the efficient market hypothesis.

'The Foundations of Finance: Portfolio Decisions and Securities Prices' is one of many pieces of work by Fama, and covers many of the ground works of finance and investment practices. Fama has published many works for journals and other publications, but 'Foundations of Finance' is a highly recommended text.

Peter Lynch, 'One Up On Wall Street'

Peter Lynch is a research consultant at Fidelity Investments. He received his undergraduate degree from Boston College and his MBA from the Wharton School of the University of Pennsylvania. As a portfolio manager, Lynch drove Fidelity's Magellan Fund from holding just $18 million in assets to $14 billion when he retired.

Lynch has two very popular books, 'One Up On Wall Street' and 'Beating the Street.' The first book details Lynch's investment technique and provides many of his theories on investing. The second provides the application of said techniques and theories, and elaborates on many specific stocks and investments that Lynch made.

Aswath Damoradan, 'Damodaran on Valuation'

Aswath Damoradan, '<a href=http://www.amazon.com/gp/product/0471751219/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471751219>Damodaran on Valuation</a>'

Damodaran / NYU

Aswath Damodaran, NYU

Aswath Damodaran is the legendary finance professor at the Stern School of Business at New York University. He teaches both corporate finance and equity finance, and graduated from UCLA, The Indian Institute of Management Bangalore, and Madras University.

One of Damodaran's many books, 'Damodaran on Valuation' is his most popular book, in which he elaborates on which models to utilize in any valuation scenario.

Jeremy Siegel, 'Stocks for the Long Run'

Jeremy Siegel is a finance professor at the Wharton School of the University of Pennsylvania, and contributes regularly to nearly every financial television network and also Yahoo! Finance. Siegel completed his undergraduate studies from Columbia University and received his Ph.D. from MIT.

Siegel's most popular book is 'Stocks for the Long Run.' In this book, he argues that the stock market is actually very safe as he details the history of the stock market and why investing in stocks long-term is a wise decision. Siegel states that he would much rather see investors push for long-term, diversified investments rather than pursuing hot stocks or trying to time the market.

Robert Shiller, 'Irrational Exuberance'

Robert Shiller, '<a href=http://www.amazon.com/gp/product/0767923634/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0767923634>Irrational Exuberance</a>'

Robert Shiller is an economics professor at Yale University and is one of the developers of the Case-Shiller index. Shiller graduated from the University of Michigan and received his masters and Ph.D. from MIT.

Shiller authored 'Irrational Exuberance' looks at the market crash of 2000, when the first edition of the book was published. He had predicted the peak and crash, but was not attempting to educate potential investors on market timing, but rather on understanding long-term investments.  The second edition of the book predicted the housing market crash.

John Murphy, 'Technical Analysis of the Futures Market'

John Murphy, '<a href=http://www.amazon.com/gp/product/0735200661/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0735200661>Technical Analysis of the Futures Market</a>'

Amazon

John Murphy is widely considered to be the father of inter-market technical analysis. He graduated from the University of Rhode Island with a degree in Economics and also received his MBA from URI.

Murphy's book, 'Technical Analysis of the Futures Market' has a rather straight forward title. Murphy provides a history of the futures market and conversationally discusses how to attack a very complex market. While this is a niche book, there is likely no better book in regards to analyzing the future market than Murphy's book.

Robert C. Merton, 'Continuous-Time Finance'

Robert C. Merton, '<a href=http://www.amazon.com/gp/product/0631185089/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0631185089>Continuous-Time Finance</a>'

Amazon

Robert C. Merton is a professor at the MIT Sloan School of Management and Nobel laureate in Economics. He received his undergraduate degree from Columbia University and received his masters from the California Institute of Technology, as well as a doctorate in economics from MIT. Merton also co-founded Long-Term Capital Management.

Merton's book 'Continuous-Time Finance (Macroeconomics and Finance)' dives into modern finance and as the title states, continuous-time finance. The book is a collection of papers written by Merton over 25 years, and the combination of the papers makes for one of the most intellectually stimulating investment books ever created.

John Bogle, 'Common Sense on Mutual Funds'

John Bogle, '<a href=http://www.amazon.com/gp/product/0470138130/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470138130>Common Sense on Mutual Funds</a>'

John Bogle founded and was the CEO of The Vanguard Group before his retirement. He earned his undergraduate degree from Princeton University.

'Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor' is nearly universally known as a must read among anyone who wants to learn about investing. Bogle elaborates on investment strategies, mutual fund values, and uses quantifiable reasoning to come to his conclusions. Three main keys that Bogle notes are to stay the course, that impulse is your enemy, and that time is your friend.

Warren Buffett, 'The Essays of Warren Buffett'

Warren Buffett is one of, if not the, most popular investors in the history of the world. Buffett graduated from the University of Nebraska at the age of nineteen and earned his masters in economics from Columbia, under the teachings of Benjamin Graham and David Dodd.

'The Essays of Warren Buffett: Lessons for Corporate America' is a series of letters that Buffett sent to shareholders of his company, Berkshire Hathaway. The letters serve as an education of business principles and concepts that he has utilized throughout the existence of his tremendously successful company, and provide a first hand look at how he has made his business so successful.

Anthony Crescenzi, 'The Strategic Bond Investor'

Anthony Crescenzi, '<a href=http://www.amazon.com/gp/product/0071667318/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0071667318>The Strategic Bond Investor</a>'

Bloomberg

Anthony Crescenzi is a graduate of the City University of New York and also received his MBA from St. John's University. Currently, Crescenzi is an executive vice president, market strategist, and portfolio manager for PIMCO.

Crescenzi has published five books, the most notable of which is 'The Strategic Bond Investor: Strategies and Tools to Unlock the Power of the Bond Market.' There are many stock and investing books, but very few focus heavily on bonds as Crescenzi does in this book. He helps explain every detail of the market. Bill Gross has a very kind review of his book on Amazon.com.

Geoffrey Moore, 'The Gorilla Game'

Geoffrey Moore, '<a href=http://www.amazon.com/gp/product/B000IOEP8Q/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=B000IOEP8Q>The Gorilla Game</a>'

Amazon

Geoffrey Moore is a venture partner at Mohr Davidow Ventures, and formerly worked at The McKenna Group and a company in which he founded, The Chasm Group.

'The Gorilla Game' details Moore's opinion on how to invest in high tech companies. Moore uses a more conversational approach, rather than mathematically heavy, to determine which technology companies are bound to grow and which ones are bound to tumble. He breaks companies down to three categories, The Gorilla (the leader), the Chimp (the challenger), and the Money (the follower).

Burton Malkiel, 'A Random Walk Down Wall Street'

Burton Malkiel, '<a href=http://www.amazon.com/gp/product/0393340740/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0393340740>A Random Walk Down Wall Street</a>'

Burton Malkiel was twice the chairman of the economics department at Princeton University. He graduated from Boston Latin School and received his MBA from Harvard University.

Malkiel's most famous work, and one of the most popular finance related books of all time, is 'A Random Walk Down Wall Street.' The book examines many popular investing techniques, specifically both technical and fundamental analysis. Malkiel breaks down both strategies and notes the flaws in each, suggesting that passive strategies will provide better results than either of these methods.

Adam Smith, 'The Money Game'

Adam Smith, '<a href=http://www.amazon.com/gp/product/0394721039/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0394721039>The Money Game</a>'

Amazon

Adam Smith is a pen name for the Harvard-and-Oxford trained George W. Goodman. Smith is the author of three books, most notably 'The Money Game.' Goodman was once the editor of The Harvard Crimson.

In 'The Money Game' breaks down the stock market and was his first non fiction title. Smith discusses skepticism revolving around reported numbers and uses a humorous and conversational tone to discuss the inner workings of Wall Street.

Nassim Taleb, 'The Black Swan'

Nassim Taleb, '<a href=http://www.amazon.com/gp/product/B00139XTG4/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=B00139XTG4>The Black Swan</a>'

Nassim Taleb is a professor at Oxford  University, after having formerly been a hedge fund manager and Wall Street trader. He completed his undergraduate studies at the University of Paris, where he also received a Ph.D., and received his MBA from the Wharton School at the University of Pennsylvania.

Taleb's book, 'The Black Swan' focuses on how large, improbable events can completely disrupt any forecasts or expectations of the future. The unpredictable nature of such large events that alter markets adds an additional layer of risk that is often not considered by investors.

George Soros, 'The Alchemy of Finance'

George Soros is the chairman of Soros Fund Management, and he is a graduate of the London School of Economics.

His book, 'The Alchemy of Finance' acts as an instructional guide of the marketplace. He interprets how instrumental investors' perception of market values are, and states that this is what really moves prices up and down.

Edwin Lefevre, 'Reminiscences of a Stock Operator'

Edwin Lefevre, '<a href=http://www.amazon.com/gp/product/0471770884/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471770884>Reminiscences of a Stock Operator</a>'

Amazon

Edwin Lefevre was an American journalist and stockbroker who graduated from Lehigh University.

Lefevre's book, 'Reminiscences of a Stock Operator' is a the only fiction book on this list, but his detail of the happenings of Wall Street during the early 20th century make this one of the most classic finance books in history. The book was a 12 article series published in a newspaper, but was eventually put together and published.

Kathryn Staley, 'The Art of Short Selling'

Kathryn Staley, '<a href=http://www.amazon.com/gp/product/0471146323/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471146323>The Art of Short Selling</a>'

Amazon

Kate Staley is an expert short seller, and her book 'The Art of Short Selling' breaks down the market of overpriced stocks and how to sell short to make substantial profits. This is an extremely specialized niche, and there are not many publications that break down short selling in the same manner that Staley does in her book.

Charles Mackay, 'Extraordinary Popular Delusions and the Madness of Crowds'

Charles Mackay, '<a href=http://www.amazon.com/gp/product/0471133124/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471133124>Extraordinary Popular Delusions and the Madness of Crowds</a>'

Amazon

Charles Mackay is a journalist who was educated at the Caledonian Asylum.

Mackay's book, 'Extraordinary Popular Delusions and the Madness of Crowds' attempts to explain why relatively intelligent individuals decide to follow crowds rather than sticking to their own opinions on matters. This is vital in finance due to the nature of the market and its swings.


Posted by Johns Shin
,

자료출처:http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1

The Best Advice From The Most Brilliant Investors In History



Read more: http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1#ixzz36p862bmR



There's a bewildering amount of advice on how to invest. People divide into camps, schools and strategies, then proselytize on the internet, in books, and on televisions. 

It's worthwhile, especially in today's volatile markets, to take a look at what's actually worked, as opposed to what people claim works.

We've collected some of the finest wisdom on markets from the most respected and successful investors, past and present.   


John Templeton: This time is not different.

John Templeton: This time is not different.

"The four most dangerous words in investing are 'This time it's different.'"

Source: Marketwatch

Barton Biggs: There are no relationships or equations that always work.

Barton Biggs: There are no relationships or equations that always work.

"Quantitatively based solutions and asset allocation equations invariably fail as they are designed to capture what would have worked in the previous cycle whereas the next one remains a riddle wrapped in an enigma."

Source: Barton Biggs via The Gartman Letter

Benjamin Graham: Beware of forecasts.

Benjamin Graham: Beware of forecasts.

"It is absurd to think that the general public can ever make money out of market forecasts."

Source: The Intelligent Investor

Jack Bogle: Losses are a reality of the market.

"If you have trouble imaging a 20% loss in the stock market, you shouldn't be in stocks."

Source: ritholtz.com

Philip Fisher: Know the value of your investments.

Philip Fisher: Know the value of your investments.

Wikimedia Commons

“The stock market is filled with individuals who know the price of everything, but the value of nothing.”

Source: Investopedia

Warren Buffett: Be greedy when others are fearful.

Warren Buffett: Be greedy when others are fearful.

"Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful." 

Source: 2004 shareholder letter

Bob Farrell: Don't join the herd.

Bob Farrell: Don't join the herd.

An imagining of Bob Farrell

"The public buys the most at the top and the least at the bottom"

Source: Marketwatch

Jeremy Grantham: Recognize your advantage over professionals.

Jeremy Grantham: Recognize your advantage over professionals.

"By far the biggest problem for professionals in investing is dealing with career and business risk: protecting your own job as an agent. The second curse of professional investing is over-management caused by the need to be seen to be busy, to be earning your keep. The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals."

Source: GMO 

Ken Fisher: Keep history in mind.

Ken Fisher: Keep history in mind.

"You can’t develop a portfolio strategy around endless possibilities. You wouldn’t even get out of bed if you considered everything that could possibly happen..... you can use history as one tool for shaping reasonable probabilities. Then, you look at the world of economic, sentiment and political drivers to determine what’s most likely to happen—while always knowing you can be and will be wrong a lot."

Source: Markets Never Forget (But People Do)

Charles Ellis: Invest for the long run.

"The average long-term experience in investing is never surprising, but the short term experience is always surprising. We now know to focus not on rate of return, but on the informed management of risk"

Source: Winning The Loser's Game

Bill Miller: Think about how the market reflects information.

"The market does reflect the available information, as the professors tell us. But just as the funhouse mirrors don't always accurately reflect your weight, the markets don't always accurately reflect that information. Usually they are too pessimistic when it's bad, and too optimistic when it's good."

Source: 2006 Letter to Shareholders

George Soros: Good investing is boring.

"If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring."

Source: Winning Investment Habits Of Warren Buffet And George Soros

Thomas Rowe Price Jr.: Know who's running the business, and why.

“Every business is manmade. It is a result of individuals. It reflects the personalities and the business philosophy of the founders and those who have directed its affairs throughout its existence. If you want to have an understanding of any business, it is important to know the background of the people who started it and directed its past and the hopes and ambitions of those who are planning its future.”

Source: Valuewalk

Carl Icahn: The corporate governance system is not your friend.

Carl Icahn: The corporate governance system is not your friend.

 “We have bloated bureaucracies in Corporate America. The root of the problem is the absence of real corporate democracy.”

Source: The Icahn Report

Peter Lynch: Do your homework.

Peter Lynch: Do your homework.
"Investing without research is like playing stud poker and never looking at the cards."
 


John Neff: Do what's smart, not what's popular.

John Neff: Do what's smart, not what's popular.

Wiley

"It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized."
 

Henry Kravis: Be honest.

Henry Kravis: Be honest.

"If you don't have integrity, you have nothing. You can't buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing."

Source: Academy of Achievement

Ray Dalio: Understand the system.

"An economy is simply the sum of the transactions that make it up. A transaction is a simple thing. Because 
there are a lot of them, the economy looks more complex than it really is. If instead of looking at it from the 
top down, we look at it from the transaction up, it is much easier to understand."

Source: How The Economic Machine Works



Read more: http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1#ixzz36p8CAI9i

Posted by Johns Shin
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