|When we deal in the financial markets, are we investing, speculating or gambling?
Does it really matter what we call it?
As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won't help us grasp the underlying forces that drive the markets.
It's far more important to understand the behaviour and biases of the players - their actions and motivations are the vital components that drive everything; bubbles, crashes, huge fortunes, reckless borrowing and complex instruments and strategies, all flow from this simple fact.
And the markets are not just an external object, to be studied dispassionately under a microscope. How we act within our inner self, and apply our own set of risk and reward values to the seeming chaos of the market, is absolutely crucial. Clearly whatever games that are going on in the market are also going on inside our heads.