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Wealth, War and Wisdom

1 rating: 5.0
A book by Barton Biggs

"Barton Biggs has some offbeat advice for the rich: Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with 'seed, fertilizer, canned food, wine, medicine, clothes, etc.' "The ``etc.'' must mean guns. "'A few rounds … see full wiki

Tags: Book
Author: Barton Biggs
Genre: History
Publisher: Wiley
1 review about Wealth, War and Wisdom

Historical Support for the Wisdom of Crowds

  • Aug 26, 2010
It is an age-old notion. The investing public provides liquidity to the "smart money." A mainstay on every investor's bookshelf, Charles Mackay'sExtraordinary Popular Delusions and the Madness of Crowds, argues "men ... think in herds." 

Barton Biggs, former chief global strategist at Morgan Stanley before leaving in 2003 to form hedge fund Traxis Partners, questions this conventional and pejorative notion in Wealth, War & Wisdom. Using World War II as a backdrop, he shows the equity markets in the United States, Britain, Germany and Japan identified the conflict's turning points with uncanny precision. 

The stock market, he argues, represents the collective conclusion of multiple motivated judgment of a diverse, independent and decentralized sample. He joins James Surowiecki in The Wisdom of Crowdsand Michael Maubossian in More Than You Know: Finding Financial Wisdom in Unconventional Places (Updated and Expanded), to plead a powerful case for paying attention to the markets' underlying message. 

Biggs is no historian. He is, however, well-read and a deep thinker. He weaves military history, market action, maps and charts to illustrate his moral. Hardly radical, it is detailed and convincingly argued: A long-term strategy is the best way for ordinary investors to build and maintain wealth. 

This is a book every serious investor should read and ponder. It is an original, absorbing and thought-provoking primer on wealth creation. Today's actions aggregated with others provide powerful clues to your financial future. 

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