Investing on financial markets
New book for investing financial on markets by Prof. Jean-Marie Choffray and Charles Pahud de Mortanges: « Ever invested. Ever Failed. No matter. Invest again. Invest better »
Sharing thoughts, facts and rules about investing
Welcome to the “desert of the markets”, where businesses are playthings for bigger forces! The goal of this book is to share what we observed on the markets over the last twenty years, and what we believe to have learned as to their behavior. As any scientist would do, we started by reading some of the most respected books in the world of investing; always keeping in mind that many of them generated more money to their authors than the real-life application of the theories, the models and/or the principles for investment that they presented and, sometimes, aggressively promoted.
We carefully noted the idiosyncratic elements of knowledge on which they were organized that truthfully paralleled our own observations and reflections. As a result, the end-product is a set of several hundred “experience-filtered” thoughts, facts and rules whose any subset could provide a reasonable basis on which to build your own theory of investing. Painful and solitary work. But, your survival on the markets is at that price.
Outilne of the book
In its current 2017 edition, Ever invested. Ever Failed. No matter. Invest again. Invest better is organized into seven chapters: The Great Recession of 2008; Businesses, Assets and liabilities; Assessing market response; Financial engineering tricks and traps; Investors, Swindlers and thieves; Rules for asset protection; Investing under non-parametric uncertainty. It concludes with a discussion of A few common myths and some Final thoughts on the art and science of investing. Each chapter comprises a short introduction, followed by an extensive, and unordered, list of thoughts, facts and rules that should help you articulate your information, decision and reward systems.
Investing financial markets: preliminary end
As all writers learn the hard way: one never finishes a book. One abandons it! This is particularly true of Ever invested. Ever Failed. No matter. Invest again. Invest better. Hence, that’s why it should rather be considered as a first step in the right direction, than as a definitive piece of work. Our goal will be reached if, in the years to come, we both enjoy updating it based on our new observations and our readers reactions. At least, while the market provides us with unexpected conditions and opportunities.
Learning by investing
“As university professors and part-time writers, we are used – privileged? – to being politely ignored. Indifference happens to be a protection. Even, a rational response, for those who “don’t know that they don’t know”. And, it’s probably how it should be! Henry Clews once noted that in the field of investing: “People as a rule will not learn either by precept or example. They must go through the rough experience themselves.” We entirely agree… Learning by investing!”