Wealth, War and Wisdom
by Barton Biggs
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Book Summary Information
Author: Barton BiggsEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2008-02-04
ISBN: 0470223073
Number of pages: 358
Publisher: Wiley
Book Reviews of Wealth, War and Wisdom
Book Review: "Perhaps brains or a skill are the most portable and best wealth preserver."
Summary: 4 Stars
Customer review from the Amazon Vine™ Program (What's this?)
It is always interesting to read a book that purports to be about one subject only to realize it's really about something else entirely. Barton Biggs' "Wealth, War and Wisdom" is supposedly about the wisdom of markets, and through graphs, charts and anecdotes Biggs attempts to show that in periods of war the stock market as a whole magically anticipates the future. Because they draw on the collective knowledge of crowds, markets may have an inherit wisdom that defies predictions, but as noted in other reviews ultimately the case is not proved one way or the other here. This book is really more about wealth destruction in periods of war, and as such is an alternately disturbing and very interesting read.
Biggs is no historian, and he doesn't claim to be. He's read a lot, though, and through the work of others paints a very vivid picture of the wealthy in World War II and the Korean War. In the chaos of war, how did the rich preserve their wealth? Was it better to be a land owner, or a stock investor? Was it better to high-tail it out of town at the first sign of trouble, or try to stick it out? Would your wealth protect you if you were a member of a persecuted minority? (A hint: No.) In light of extremely unstable times (and Biggs wrote this on the cusp of the Great Recession), is it possible to take precautions now, in anticipation of anarchy and violence? Can we learn crucial lessons from the mistakes of those pre-war Europeans? Biggs doesn't give you all the answers, but he does give you stories, letting you draw conclusions for yourself.
As pointed out by others, a lot of the advice that concludes the book is for the rich. (Honestly, it's good advice: Don't flaunt your wealth, diversify, don't get complacent, and don't tell anyone you've got gold bars buried in your backyard.) But there is much here that anyone can benefit from, although you will have to read through some brutal and deeply sad incidents to get at it. Even if you like to read history, you will probably find stories you've missed, and they're good ones at that.
"Wealth, War and Wisdom" is an absorbing read, though you may find yourself arguing mentally with Biggs as you go through it. All things considered, I think that he ultimately misses the biggest wealth preserver of all. While in France I visited a gorgeous chateau that had been left untouched in the French Revolution. A Frenchman told me the people had not burned it down because the owner had always let the peasants use her bridge to cross the wide river, instead of forcing them to walk ten miles to the next bridge. And so they spared her life.
Want to save your wealth? Hide some of it in other countries. Want to save your life? Play nice.
GRADE: B/B-
Economics Books
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