The devil's financial dictionary

Description

"The Devil's Financial Dictionary is a witty and enlightening guide to the facts, fads, follies and fiction of business and investing. (See PRICELESS.) Definitions include: DAY-TRADER, n. See IDIOT. FEE, n. A tiny word with a teeny sound, which nevertheless is the single biggest determinant of success or failure for most investors. Those who keep fees as low as possible will, on average, earn the highest possible returns. REGULATOR, n. A bureaucrat who attempts to stop rampaging elephants by brandishing feather-dusters at them. Also, a future employee of a bank, hedge fund, brokerage, investment-management firm, or financial lobby. (See REVOLVING DOOR.) RUMOR, n. The Wall Street equivalent of a fact. STOCK MARKET, n. A chaotic hive of millions of people who overpay for hope and underpay for value. The stock market serves not to allocate capital efficiently from those who have a surfeit of it to those who can put it to productive use in corporate enterprises; rather, it serves to humiliate those who think they know what the future holds. The stock market is a mechanism for putting a price tag on surprises. It transfers wealth from the arrogant to the humble, from those who trade the most to those who trade the least, from those who think they know the most to those who admit they know the least, and from those who pay commissions to those who collect them. Those who "play" the stock market as if it were a game will lose. Those who respect it as a force of nature will prosper, but only so long as they are humble and patient"--;"Your Survival Guide to the Hades of Wall Street The Devil's Financial Dictionary skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks too big to fail. And it distills the complexities, absurdities, and pomposities of Wall Street into plain truths and aphorisms anyone can understand. An indispensable survival guide to the hostile wilderness of today's financial markets, The Devil's Financial Dictionary delivers practical insights with a scorpion's sting. It cuts through the fads and fakery of Wall Street and clears a safe path for investors between euphoria and despair. Staying out of financial purgatory has never been this fun"--