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Money Machine by Gary Smith

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FOREWORD

Most people who buy and sell stocks have heard the story of the two finance professors who see a shiny $100 bill on the sidewalk. One professor is tempted, but the other cautions that if it were real, someone would have picked it up already. The lesson is supposed to be that, in the stock market, anything that looks like free money is an illusion. Some people actually believe this—I do not. Money Machine: The Surprisingly Simple Power of Value Investing makes clear why others should not believe it either.

Professor Smith reminds us of the South Sea Bubble, when even Isaac Newton bought stock in companies that lacked a compelling story but touted a whimsical expectation of reselling the stock at a higher price to an even bigger fool. ...

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