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Gambling And Speculation
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Book Synopsis Gambling and Speculation by : Reuven Brenner
Download or read book Gambling and Speculation written by Reuven Brenner and published by Cambridge University Press. This book was released on 1990-03-30 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies. The Brenners argue that the negative image of gamblers and of speculators stems from prejudice, whose roots are in the distant, forgotten past. Legal scholars have frequently confused gambling with speculation and the anti-gambling laws were, at times, erroneously interpreted as implying the prohibitions of contracts in futures and insurance markets. One consequence of all this confusion was that during this century both in the United States and England, the legislation and law on betting and gambling became ambiguous. The authors touch on this issue and make policy recommendations: to abolish restrictions on the industry, diminish the states' role in selling lotteries, and, at the same time, make legal distinctions capable of helping the tiny percentage of players who might be "addicted." The Brenners' recommendations on gambling are based on their conclusion that gamblers are neither "mentally ill" nor "criminals" and that gambling does not lead its practitioners to poverty. Rather, it is the other way around: some of the poor and the frustrated gamble. Looking at gambling in this way leads to questions about the nature of society: What do the fortunate do for those who are not? What is society's obligation to people who fall behind in the game of life? Answers to these questions require a discussion on the principles of equality, capitalism, the role of religious influence on society, topics that the Brenners have discussed in their previous studies, and they do so here too, putting gambling within its proper, historical context.
Download or read book Speculation written by Stuart Banner and published by Oxford University Press. This book was released on 2017 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the difference between a gambler and a speculator? Is there a readily identifiable line separating the two? If so, is it possible for us to discourage the former while encouraging the latter? These difficult questions cut across the entirety of American economic history, and the periodic failures by regulators to differentiate between irresponsible gambling and clear-headed investing have often been the proximate causes of catastrophic economic downturns. Most recently, the blurring of speculation and gambling in U.S. real estate markets fueled the 2008 global financial crisis, but it is one in a long line of similar economic disasters going back to the nation's founding. In Speculation, author Stuart Banner provides a sweeping and story-rich history of how the murky lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Regulators and courts always struggled to draw a line between investment and gambling, and it is no easier now than it was two centuries ago. Advocates for risky investments have long argued that risk-taking is what defines America. Critics counter that unregulated speculation results in bubbles that always draw in the least informed investors-gamblers, essentially. Financial chaos is the result. The debate has been a perennial feature of American history, with the pattern repeating before and after every financial downturn since the 1790s. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Even after the recent financial crisis, the debate continues. Some, chastened by the crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. These episodes have generated deep ambivalence, yet Americans' faith in investment and - by extension - the stock market has always rebounded quickly after even the most savage downturns. Indeed, the speculator on the make is a central figure in the folklore of American capitalism. Engaging and accessible, Speculation synthesizes a suite of themes that sit at the heart of American history - the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and - not least - the moral conundrum inherent in valuing those who produce goods over those who speculate, and yet enjoying the fruits of speculation. Banner's history is not only invaluable for understanding the fault lines beneath the American economy today, but American identity itself.
Book Synopsis The Art Of Speculation by : Philip L. Carret
Download or read book The Art Of Speculation written by Philip L. Carret and published by Pickle Partners Publishing. This book was released on 2015-11-06 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip L. Carret (1896-1998) was a famed investor and founder of The Pioneer Fund (Fidelity Mutual Trust), one of the first Mutual Funds in the United States. A former Barron’s reporter and WWI aviator, Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had “the best long term investment record of anyone I know” He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett’s role models. This book comprises a series of articles written for Barron’s and published in book form in 1930.—Print Ed.
Book Synopsis Spectacular Speculation by : Urs Stäheli
Download or read book Spectacular Speculation written by Urs Stäheli and published by Stanford University Press. This book was released on 2013-02-20 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spectacular Speculation is a history and sociological analysis of the semantics of speculation from 1870 to 1930, when speculation began to assume enormous importance in popular culture. Informed by the work of Luhmann, Foucault, Simmel and Deleuze, it looks at how speculation was translated into popular knowledge and charts the discursive struggles of making speculation a legitimate economic practice. Noting that the vocabulary available to discuss the concept was not properly economic, the book reveals the underside of putting it into words. Speculation's success depended upon non-economic language and morally questionable thrills: a proximity to the wasteful practice of gambling or other "degenerate" behaviors, the experience of financial markets as seductive, or out of control. American discourses of speculation take center stage, and the book covers an unusual range of material, including stock exchange guidebooks, ticker tape, moral treatises, plays, advertisements, and newspapers.
Book Synopsis Speculation As a Fine Art and Thoughts On Life by : Dickson G. Watts
Download or read book Speculation As a Fine Art and Thoughts On Life written by Dickson G. Watts and published by Metaphrastus Books. This book was released on 2015-02-19 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless investing classic from 1880. Dickson G. Watts shares his thoughts about the art of speculation, and life in general. "All business is more or less speculation." (…) "Our effort will be to set for the great underlying principles of the 'art' in the application of which must depend on circumstance, the time and the man." This concise book is a small gem for all investors.
Book Synopsis Qualitative Research in Gambling by : Rebecca Cassidy
Download or read book Qualitative Research in Gambling written by Rebecca Cassidy and published by Routledge. This book was released on 2013-10-30 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Access version of this book, available at http://www.tandfebooks.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. Gambling is both a multi-billion-dollar international industry and a ubiquitous social and cultural phenomenon. It is also undergoing significant change, with new products and technologies, regulatory models, changing public attitudes and the sheer scale of the gambling enterprise necessitating innovative and mixed methodologies that are flexible, responsive and ‘agile’. This book seeks to demonstrate that researchers should look beyond the existing disciplinary territory and the dominant paradigm of ‘problem gambling’ in order to follow those changes across territorial, political, technical, regulatory and conceptual boundaries. The book draws on cutting-edge qualitative work in disciplines including geography, organisational studies, sociology, East Asian studies and anthropology to explore the production and consumption of risk, risky places, risk technologies, the gambling industry and connections between gambling and other kinds of speculation such as financial derivatives. In doing so it addresses some of the most important issues in contemporary social science, including: the challenges of studying deterritorialised social phenomena; globalising technologies and local markets; regulation as it operates across local, regional and international scales; and the rise of games, virtual worlds and social media.
Book Synopsis What's Luck Got to Do with It? by : Joseph Mazur
Download or read book What's Luck Got to Do with It? written by Joseph Mazur and published by Princeton University Press. This book was released on 2010-05-17 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: The hazards of feeling lucky in gambling Why do so many gamblers risk it all when they know the odds of winning are against them? Why do they believe dice are "hot" in a winning streak? Why do we expect heads on a coin toss after several flips have turned up tails? What's Luck Got to Do with It? takes a lively and eye-opening look at the mathematics, history, and psychology of gambling to reveal the most widely held misconceptions about luck. It exposes the hazards of feeling lucky, and uses the mathematics of predictable outcomes to show when our chances of winning are actually good. Mathematician Joseph Mazur traces the history of gambling from the earliest known archaeological evidence of dice playing among Neolithic peoples to the first systematic mathematical studies of games of chance during the Renaissance, from government-administered lotteries to the glittering seductions of grand casinos, and on to the global economic crisis brought on by financiers' trillion-dollar bets. Using plenty of engaging anecdotes, Mazur explains the mathematics behind gambling—including the laws of probability, statistics, betting against expectations, and the law of large numbers—and describes the psychological and emotional factors that entice people to put their faith in winning that ever-elusive jackpot despite its mathematical improbability. As entertaining as it is informative, What's Luck Got to Do with It? demonstrates the pervasive nature of our belief in luck and the deceptive psychology of winning and losing. Some images inside the book are unavailable due to digital copyright restrictions.
Book Synopsis Card Sharps and Bucket Shops by : Ann Fabian
Download or read book Card Sharps and Bucket Shops written by Ann Fabian and published by Psychology Press. This book was released on 1999 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.
Download or read book Speculation written by Gayle Rogers and published by Columbia University Press. This book was released on 2021-07-06 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the modern world, why do we still resort to speculation? Advances in scientific and statistical reasoning are supposed to have provided greater certainty in making claims about the future. Yet we constantly spin out scenarios about tomorrow, for ourselves or for entire societies, with flimsy or no evidence. Insubstantial speculations—from utopian thinking to high-risk stock gambles—often provoke fierce backlash, even when they prove prophetic for the world we come to inhabit. Why does this hypothetical way of thinking generate such controversy? In this cultural, literary, and intellectual history, Gayle Rogers traces debates over speculation from antiquity to the present. Celebrated by Boethius as the height of humanity’s mental powers but denigrated as sinful by John Calvin, speculation eventually became central to the scientific revolution’s new methods of seeing the natural world. In the nineteenth century, writers such as Jane Austen used the concept to diagnose the marriage market, redefining speculation for the purpose of social critique. Speculation fueled the development of modern capitalism, spurring booms, busts, and bubbles, and recently artificial intelligence has automated the speculation previously done by humans, with uncertain and troubling consequences. Unraveling these histories and many other disputes, Rogers argues that what has always been at stake in arguments over speculation, and why it so often appears so threatening, is the authority to produce and control knowledge about the future. Recasting centuries of contests over the power to anticipate tomorrow, this book reveals the crucial role speculation has played in how we create—and potentially destroy—the future.
Download or read book Making Monte Carlo written by Mark Braude and published by Simon and Schuster. This book was released on 2017-04-25 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A rollicking narrative history of Jazz Age Monte Carlo, chronicling the city's rise from WWI's ashes to become one of the world's most storied, infamous playgrounds of the rich, only to be crushed under it's own weight ten years later"--Provided by publisher.
Book Synopsis The Clash of the Cultures by : John C. Bogle
Download or read book The Clash of the Cultures written by John C. Bogle and published by John Wiley & Sons. This book was released on 2012-07-05 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing. Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite." The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)
Download or read book The Zurich Axioms written by Max Gunther and published by Harriman House Limited. This book was released on 2010-08-27 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers advice on investment strategy and risk management, clears up common misconceptions about the stock market, and discusses economic forecasts and long-range planning.
Book Synopsis Bookie Gambler Fixer Spy by : Ed Hawkins
Download or read book Bookie Gambler Fixer Spy written by Ed Hawkins and published by A&C Black. This book was released on 2013-07-04 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: A startling and powerful journey to the very core of India's illegal bookmaking industry that exposes the scale of corruption and the match-fixing that now runs rife throughout world cricket. For several years Ed Hawkins made friends with India's illegal bookmakers - men who boast turnover of hundreds of millions of dollars per cricket match - as well as the corruption officers of the International Cricket Council who are trying to shut them down. It's a shady world and rumours abound. But then Hawkins receives a message that changes everything and he decides it is time to expose the truth behind match-fixing.Bookie Gambler Fixer Spy is a story featuring politicians, governing bodies, illegal bookmakers and powerless players - as well as corruption, intimidation and even suicide. It is a story that touches all cricket-playing nations around the world. It is a story that every cricket fan must read. You might never again watch a cricket match without suspicion...
Book Synopsis The Speculation Economy by : Lawrence E. Mitchell
Download or read book The Speculation Economy written by Lawrence E. Mitchell and published by ReadHowYouWant.com. This book was released on 2008-11-17 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to reveal the deep historical roots of the modern corporate obsession with stock price - a major cause of recent scandals like those at Enron and WorldComDetails how the rise of the modern corporation created the modern stock market - and why this led to an economy dominated by stock speculationAmerican companies once focused exclusively on providing the best products and services. But today, most corporations are obsessed with maximizing their stock prices, resulting in short-term thinking and the kind of cook-the-books corruption seen in the Enron and WorldCom scandals. How did this happen?In this groundbreaking book, Lawrence E. Mitchell traces the origins of the problem to the first decade of the 20th century, when industrialists and bankers began merging existing companies into huge ''combines''- today's giant corporations - so they could profit by manufacturing and selling stock in these new entities. He describes and analyzes the legal changes that made this possible, the federal regulatory efforts that missed the significance of this transforming development, and the changes in American society and culture that led more and more Americans to enter the market, turning from relatively safe bonds to riskier common stock in the hopes of becoming rich. Financiers and the corporations they controlled encouraged this trend, but as stock ownership expanded and businesses were increasingly forced to cater to stockholders' ''get rich quick'' expectations, a subtle but revolutionary shift in the nature of the American economy occurred: finance no longer served industry; instead, industry began to serve finance.The Speculation Economy analyzes the history behind the opening of this economic Pandora's box, the root cause of so many modern acts of corporate malfeasance.
Book Synopsis Devil Take the Hindmost by : Edward Chancellor
Download or read book Devil Take the Hindmost written by Edward Chancellor and published by Penguin. This book was released on 2000-06-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motion of heavenly bodies, but not the madness of people.” Here are brokers underwriting risks that included highway robbery and the “assurance of female chastity”; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.
Book Synopsis A World of Chance by : Reuven Brenner
Download or read book A World of Chance written by Reuven Brenner and published by Cambridge University Press. This book was released on 2008-08-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although financial markets often try to distance themselves from gambling, the two factors have far more in common than usually thought. When, historically there were no financial institutions such as banks, lotteries constituted the ways by which expensive items were disposed of, and governments raised money quickly. Gambling tables fulfilled roles that venture capital and banking do today. "Gamblers" created clearinghouses and sustained liquidity. When those gamblers bet on price distributions in futures markets, they were redefined as "speculators." Today they are called "hedge fund managers" or "bankers." Though the names have changed, the actions undertaken have essentially stayed the same. This book shows how discussion on "chance," "risk," "gambling," "insurance," and "speculation" illuminates where societies stood, where we are today, and where we may be heading.
Book Synopsis Big Money Thinks Small by : Joel Tillinghast
Download or read book Big Money Thinks Small written by Joel Tillinghast and published by Columbia University Press. This book was released on 2017-08-15 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market mistakes to avoid: “Written for investors at all levels…[a] practical, no-nonsense guide.”—Publishers Weekly One of Money Week’s Five Best Books of the Year Investors are tempted daily by misleading or incomplete information. They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they’ve invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile world? If you can’t trust your past successes to plan and predict, how can you avoid risky situations in the future? Patience and methodical planning will pay far greater dividends than flashy investments. In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including: · Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception · Make decisions based on your own expertise, and do not invest in what you don’t understand · Select only trustworthy and capable colleagues and collaborators · Learn how to identify and avoid investments with inherent flaws · Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks