This book comes highly recommended by Bill Gates and Warren Buffett, which is pretty good as recommendations go, is pretty good.
It's well written, with an easygoing, yet intelligent style that holds one's interest. The stories, while somewhat data, have a lot of human factors that are still very relevant today.
Having been written nearly 50 years ago, the book is somewhat dated, and it shows in places. There's a bit about the stock ticker falling hours behind actual trading which sure seems quaint in this era of quants and high frequency trading. The place of women and minorities in the world of yesteryear is also visible, although hardly the fault of the author.
There are several stories, about companies, the stock market, and about foreign exchange in a a day and age when currencies did not float freely, but were pegged to the dollar within set ranges.
There were some good quotes:
One of de la Vega’s observations about the Amsterdam traders was that they were “very clever in inventing reasons” for a sudden rise or fall in stock prices
This is still a great description of the financial press, isn't it? Lots of after-the-fact descriptions of why things happened.
Large corporations are often accused of rigging markets, administering prices, and otherwise dictating to the consumer [it observed]. And yesterday Ford Motor Company announced its two-year experiment with the medium-priced Edsel has come to an end … for want of buyers. All this is quite a ways from auto makers being able to rig markets or force consumers to take what they want them to take.… And the reason, simply, is that there is no accounting for tastes.… When it comes to dictating, the consumer is the dictator without peer.There's a chapter on Xerox, the copier company
The most common malfunction is a jamming of the supply of copy paperThat bit reminded me of how much computers have improved over the years - and how much printers and copiers and the like are still so often broken and frustrating. Although... even with copiers' many faults, they are better these days!
A bad mispuff can occasionally put a piece of the paper in contact with hot parts, igniting it and causing an alarming cloud of white smoke to issue from the machine; in such a case the operator is urged to do nothing, or, at most, to use a small fire extinguisher that is attached to it, since the fire burns itself out comparatively harmlessly if left alone, whereas a bucket of water thrown over a 914 may convey potentially lethal voltages to its metal surface.The Xerox part of the book has a few interesting predictions:
Various magazine articles have predicted nothing less than the disappearance of the book as it now exists, and pictured the library of the future as a sort of monster computer capable of storing and retrieving the contents of books electronically and xerographically. The “books” in such a library would be tiny chips of computer film—“editions of one.”I read the book on my Kindle!
On race and labor relations in Xerox, which was a fairly progressive place, for the time, as described in the book:
For example, we’ve tried, without much fanfare, to equip some Negro youths to take jobs beyond sweeping the floor and so on. The program required complete coöperation from our union, and we got it. But I’ve learned that, in subtle ways, the honeymoon is over. There’s an undercurrent of opposition. Here’s something started, then, that if it grows could confront us with a real business problem. If it becomes a few hundred objectors instead of a few dozen, things might even come to a strike, and in such a case I hope we and the union leadership would stand up and fight. But I don’t really know. You can’t honestly predict what you’d do in a case like that. I think I know what we’d do.”The union's antipathy to black people taking better jobs is "interesting".
This is relevant to the crowd here in Italy hoping to return to the Lira and abandon the Euro:
Devaluation, as the most heroic and most dangerous of remedies for a sick currency, is rightly feared. By making the devaluing country’s goods cheaper to others, it boosts exports, and thus reduces or eliminates a deficit in international accounts, but at the same time it makes both imports and domestic goods more expensive at homeAll in all, I really enjoyed the writing style, but - and it could just be me - I'm not sure I absorbed anything terribly profound or lasting from the book. It's an entertaining read, and there are bits and pieces of wisdom throughout, so I'd recommend it if you like to read a lot, but if you're looking for a quick read with more tactical advice about the world of business, this isn't it.