'Commentaries' contains a number of essays to support
the main lessons.
or Gambling? explains the connection between the two and puts
the reader in the right frame of mind for investment decisions.
is a basic primer on the rules of chance that govern all investment
Curve take the lid off yield - harder than you think. Leverage
is a piece of financial maths as important as probability.
Loose is a reminder to value liquidity. Trading
or Investing? explains why good advice for one is often bad
advice for the other. Shorting
explains what it means to sell something you do not own. Equity
Markets describes what they are and why they are.
Fixed Sum Game points out that for every buyer there is a seller.
This leads to the conclusion that, for the average saver, Average
History of Returns shows what 'average' would have got you in
the past. Affording
Risk questions the instinctive attitude to risk of the average
What? considers whether tracking matters. IT
Discounts explains this abstruse aspect of Investment Trusts.