The Money Game – by Adam Smith [PDF]

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PDF Title : The Money Game
Total Page : 250 Pages
Author: Adam Smith
PDF Size : 5.3 MB
Language : English
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The Money Game – by Adam Smith – Book

In support of the skeptics we can only look again at the premise, that the market is reasonably “efficient,” that it is a market where numbers of rational, profit-maximizing investors are competing. It may just be that investors even cold, austere, professional money managers-are not rational, or are not 100 percent rational.

It may be that they would rather have some profit and a feeling of the company than a maximum profit and a feeling of anxiety. The investor in the random-walk model is suspiciously Homo economicus, and we did wander among some who thought that Homo is not economic’s. ”There is nothing so disastrous,” said Lord Keynes, “as a rational investment policy in an irrational world.”

The Money Game – by Adam Smith PDF

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