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Money Machine by Gary Smith

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INTRODUCTION

The stock market is filled with individuals who know the price ofeverything, but the value of nothing.

—PHILIP FISHER

I made it through Yale graduate school on a $200 monthly stipend—$100 for rent in a nasty part of New Haven and $100 for food, secondhand clothes, and not much else. My shoes were held together with duct tape, and dinners at the end of the month were often bread and orange juice, sometimes bread and water. I started teaching economics at Yale in 1971, a newly minted PhD with a three-month-old son, $12,000 annual income, and less than $100 in the bank.

The Yale economics department asked students what courses they would like added to the curriculum and the runaway winners were Marx and the stock market. I wasn’t interested ...

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