My rating: 4 of 5 stars
The core concepts of the different themes are still as much relevant today as it was during the time of those events (some more than others). This book is full of anecdotes and lessons about how the market behaves, how certain events helped shaped the current market. Some of the case study I enjoyed most are:
1. The failure of Ford’s Edsel by over promising
2. 1962 Flash Crash which showed how irrational and unpredictable the fluctuations of the stock market can be
3. The inequalities of the Federal income taxing system
4. The malpractice of Insider trading
5. The power and manipulation of General Electric acting as ringleader to fix prices along with others in the market and finally getting away by shifting blame on “Communication errors”.
6. The story of Piggly Wiggly and how one man decided to fight back against wall street in protest by reacquiring most shares of his company in order to fight against the practice of “Bear Raid”. He eventually got bankrupted.
7. Finally the one which struck a chord and had the most impact is the argument of power that shareholders wield and the point that they SHOULD wield that power, they should make their views heard. Executive/directors/employees should be accountable for their actions on behalf of the company.