Recommended Books on Risk & Uncertainty An understanding of risk and uncertainty is essential for investment success. Simply the best book on this topic I’ve ever seen is Fooled by Randomness by Nassim Nicholas Taleb. Peter Bernstein has also written a classic on this topic: Against the Gods: The Remarkable Story of Risk. Though you’ll find this book…
A Computer Game Railroad Tycoon is a wonderful computer game that should be issued with a warning: BEWARE: THIS GAME CAN BE ADDICTIVE. I speak with considerable authority on the topic! You’re the CEO of a railroad. Depending on which of the dozens of different scenarios you choose to play, you’ll have up to 31 computer-generated competitors.…
Float the Hong Kong Dollar? Wait a minute…I want to sell it short first! When the Thai baht collapsed in July 1997 other Asian currencies fell like dominoes. Only the Hong Kong dollar and the Chinese yuan remained standing. The voices calling for the Hong Kong dollar’s “peg” to the US dollar to be abandoned became…
Hong Kong’s Money Panic Around midday on Friday September 23rd, 1983, the latest round of Sino-British talks in Peking on the subject of Hong Kong’s future concluded. Very quickly it became apparent in Hong Kong that no progress had been made. The announcements that were were no announcements sparked a run on the Hong Kong…
