“I have found answers about investing and the market through my long experience.

Now all I need is the question to answer that question.”

He was a securities professor who went from practice to theory and gained experience by investing his own money.
It was completely different from the securities professors who went from theory to practice and gained experience by investing other people's money.
Thanks to this book, Kostolany no longer has to laboriously answer pointless questions.
Now, all you have to do is politely cut off the question and say something like this:
“Is that so? Then read my book.
You will surely find answers to your questions.
You will also be able to find answers to questions you have never thought of before.”

Who are the fools?

Fortunately, there are a lot of fools.
What would happen to the stock market if there were no fools?
I enjoy going to guest houses in any country.
Nowhere in the world are there so many fools per square foot as on the floor of a stock market.
These are all people who live beyond their mental capabilities.
It is also very important to understand them well and hear how they analyze world events and economic events.
It's like when you play cards, especially poker, you need to know what the person next to you is thinking.
--- p.48, from “This is the stock market”

Who was more successful, the gamer or the investor?

There is no doubt that the investors were far more successful.
90% of people participating in the stock market are big and small gamblers.
But their successes are few and far between.
First, because gamers cannot act against the public consensus.
Great investors act contrary to prevailing public opinion when they are confident in their logic.
Not all investors always act against popular belief.
Because even among investors, only a very small number have the ability to do so.
Even at best, only 10% of market participants have that ability.
It's really difficult to disagree with the prevailing public opinion and go your own way.
--- p.126-127, from "Investors vs. Gamers"

Is there only one god for investors: money?
Is money everything that determines investor behavior?

No, that's not true.
There were geniuses who were passionate investors and also active in the world of art and literature.
Cicero (in this case, real estate investment, not stock investment), Voltaire, Beaumarchais, Rossini, Balzac, Gauguin, Proust, Schopenhauer, etc.
When I was in the United States, I met Fritz Kreisler, the violinist of the century, at a stockbroker's office.
He always asked me for advice.
He had a huge advantage over me.
Even if you lose money in the stock market in the afternoon, you can easily recover the lost money by playing the violin in the evening.
--- p.163, from “Investors vs. Gamers”

How much should we trust what economic experts and economists say about future developments?

There's no need to believe it too much.
Even the best economists can't accurately analyze stock market trends.
As I've said, the stock market and the economy don't move in tandem.
If economics professors' analysis of the stock market were correct, they should all be rich.
But that's not the case.
Macroeconomists know everything about economics and money.
But I don't have any money.
As Voltaire once said, “It is easier to write about money than to make it.” The economy and the stock market are different.
As explained in the previous two articles, economic booms are bad for the stock market, and economic recessions are good for the stock market.
--- p.192, from “Information vs. Judgment”

Should I buy emergency bonds?

Emergency bonds are one of the most promising investment opportunities.
Of course, this is if the debtor, whether a company, a country, or a local government, recovers financially.
Each case must be investigated individually.
During World War I and immediately following World War II, there were many opportunities to make a fortune by investing in emergency bonds. After World War II, the returns were particularly high for those who purchased German, Italian, and Japanese bonds.
Of course, it was also necessary to clarify who the debtors were: the state, local governments, foundations, or private companies, as well as whether these countries would resume paying the interest they had stopped paying during the war.
In Germany, it was also necessary to determine whether the debtor was in East or West Germany, in what currency and to which country the bond was issued, and whether any special guarantees were given to fulfill the obligation.
Often there was gold or other guarantee.
The biggest gainers were German 5.5% bonds, which rose from 250 francs (with a nominal value of 1,000 francs) in 1946 to 35,000 francs four years later.
Germany redeemed its bonds at this price.

--- p.225, from “Futures, Options & Bonds”