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The Zurich Axioms, by Max Gunther
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If you want to get rich, no matter how inexperienced you are in investment, this book can help you. Its message is that you must learn neither to avoid risk nor to court it foolhardily, but to manage it - and enjoy it too.
The 12 major and 16 minor Zurich Axioms contained in this book are a set of principles providing a practical philosophy for the realistic management of risk, which can be followed successfully by anyone, not merely the 'experts'. Several of the Axioms fly right in the face of the traditional wisdom of the investment advice business - yet the enterprising Swiss speculators who devised them became rich, while many investors who follow the conventional path do not.
Max Gunther, whose father was one of the original speculators who devised the Axioms, made his first capital gain on the stock market at the age of 13 and has never looked back. Now the rest of us can follow in his footsteps. Startlingly straightforward, the Axioms are explained in a book that is not only extremely entertaining but will prove invaluable to any investor, whether in stocks, commodities, art, antiques or real estate, who is willing to take risk on its own terms and chance a little to gain a lot.
- Sales Rank: #4405805 in Books
- Published on: 1992-09-17
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .51" w x 5.31" l, .41 pounds
- Binding: Paperback
- 176 pages
Review
"If you have got the price of this book, stake it." -- Investors Chronicle "Investors Chronicle"
""If you have got the price of this book, stake it."" -- Investors Chronicle ""Investors Chronicle""
About the Author
Max Gunther was born in England and emigrated to the US when he was 11. He attended schools in New Jersey and received his B.A. from Princeton University in 1949. He served in the U.S. Army in 1950-51 and was a staff member of Business Week from 1951 to 1955. He then served as a contributing editor of Time for two years. His articles were published in several magazines and he wrote several books, including The Luck Factor, How to Get Lucky, The Very, Very Rich and How They Got That Way, Instant Millionaires and Wall Street and Witchcraft.
Most helpful customer reviews
4 of 4 people found the following review helpful.
Entertaining, but not much "actionable intelligence".
By Jack Reader
Max Gunther summarized "the speculator's wisdom" into 12 major and 16 minor axioms. The axioms sound true and useful, although interestingly they lean toward defensive strategy in the spirit of "first rule is not to lose any money". Gunther dismisses technical analysis as pointless staring at random patterns, he thinks markets are entirely random and unpredictable (bordering playing the lottery). He cites earth quakes, terrorist attacks, financial collapse to prove that point, but these events are indeed extremely rare. He advises against diversification, one should go all in with meaningful bets, without diluting the gains. Then stay there, but not too long. He dismisses long term planning, listening to the crowd (although multiple studies prove the wisdom of the crowd over the individual, disregarding bubble effects), dollar cost averaging, forecasts, intuition, patterns, but offers no alternative.
Very little can be used in trading or speculation. When, what, why, how, where should a speculative bet be made?( Jesse Livermore’s book “How To Trade In Stocks” is dismissed as “perfect nonsense”. At least Livermore attempted to be more specific than listing “axioms”. )
After the reader is convinced about unpredictability of the market (with ever present danger of losing all investment money) he is left with no counterpoint. This is the biggest weakness of the book. While it is an entertaining read, if someone is looking for truly useful advice, I would recommend "The Coffeehouse Investor" or "Millionaire Teacher". If one aims to be more than an "investor", I suggest "The Perfect Speculator". But if one is an “axiom” believer, I recommend the excellent “Simple Rules” by Sull and Eisenhardt.
2 of 2 people found the following review helpful.
Hidden gem
By L Kemke
When financial professionals are asked what one book would they like to have if they were stranded on a desert island " Reminiscences of a stock operator" is most often cited. While I enjoyed it and there is much wisdom tucked in it's pages it is a bit dated and I'm hard pressed to follow the rules of a man who took his own life. Perhaps he was not on to something.
The Zurich Axioms on the other hand, speak to me as the truth laid bare, no matter whether society agrees or not.
This may not be the most highly touted book, nor written by the hottest author, but it speaks with great wisdom.
4 of 4 people found the following review helpful.
Some Axioms Insightful
By Brody
I bought this book on the recommendation of Larry Williams, who claimed it was one of the few best books he'd ever read on investing.
I have to say I was somewhat disappointed. What at first held my attention in a vice grip, slowly slackened as I progressed through this book.
I found a few of the 12 axioms significantly insightful. I was able to learn some alternative ways of looking at my financial world. It was worth the read for those few axioms, but not entirely motivational or life-altering. This is a relatively basic book that tends to disprove or caution the against financial cliche's and being lulled into false security or poor investments. This is a book of what not to do. I suggest you read the chapters (axioms) that sound interesting to you. One nice benefit of this book is a concise paragraph or two summary at the end of the chapter of every major axiom. These will not take you long to read if read in succession.
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