By Reuven Brenner

ISBN-10: 0511424167

ISBN-13: 9780511424168

ISBN-10: 0521884667

ISBN-13: 9780521884662

Even though monetary markets frequently attempt to distance themselves from playing, the 2 elements have way more in universal than often suggestion. while, traditionally there have been no monetary associations resembling banks, lotteries constituted the methods through which pricey goods have been disposed of, and governments raised cash quick. playing tables fulfilled roles that enterprise capital and banking do this present day. "Gamblers" created clearinghouses and sustained liquidity. whilst these gamblers wager on fee distributions in futures markets, they have been redefined as "speculators." this day they're known as "hedge fund managers" or "bankers." even though the names have replaced, the activities undertaken have basically stayed an identical. This ebook indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're at the present time, and the place we should be heading.

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The banks, insurance companies, and other financial institutions would have invested more in their own credit analyses, reexamining even those securities that Moody’s and Standard and Poor’s rated as triple A. P1: KXF/RZZ P2: KXF/KAA P3: KXF/... QC: 9780521884662c01 CUUS191/Brenner 978 0 521 88466 2 12 June 16, 2008 13:32 Reuven Brenner and Gabrielle A. Brenner As for LTCM, it was a hedge fund, with two Nobel Prize winners in economics on board, Myron Scholes and Robert Merton. S. Treasury–backed International Monetary Fund would continue to bail out countries to sustain political stability be assessed?

The answer is yes – as the performance in financial markets of Warren Buffet and a few other extremely successful contrarians suggests, and as a few entrepreneurs in other activities, whether business, sciences, or the arts, suggest too. The contrarians in financial markets – call them gamblers, speculators, investors, or, in Buffet’s case, “oracle” – are entrepreneurs too, who have the skill of better understanding mispricing and the guts and credibility to access capital and then reallocate it.

But to have such markets and achieve this goal, capital must be dispersed and there must be institutions in place to hold all parties to a transaction accountable (a path that is not quite smooth today because of P1: KXF/RZZ P2: KXF/KAA P3: KXF/... 30 Can a million people occasionally go wrong and suffer from herd instinct? The answer is yes – as the performance in financial markets of Warren Buffet and a few other extremely successful contrarians suggests, and as a few entrepreneurs in other activities, whether business, sciences, or the arts, suggest too.

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A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner


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