The Ponzi Factor: The Simple Truth About Investment Profits (Audiobook) by Tan Liu
English | March 6, 2018 | ASIN: B07B6BZ33S | MP3@64 kbps | 4h 9m | 115 MB
English | March 6, 2018 | ASIN: B07B6BZ33S | MP3@64 kbps | 4h 9m | 115 MB
Narrator: Sean Pratt
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." (Arthur Schopenhauer)
The stock market is similar to a Ponzi scheme because it is a system where the current investors' profits are dependent on the inflow of cash from new investors. The myth is that profits from stocks come from the earnings and growth of the underlying company. The reality is that profits from buying and selling stocks come from other investors who are buying and selling stocks. When one investor buys low and sells high, another investor is also buying high and needs to sell for even higher.
The truth really is just that simple. But you might be thinking, "Stocks are ownership instruments. People have made money. Some companies pay dividends or buy back shares, etc."
I'm familiar with those ideas because I used to work in finance and defended the legitimacy of the stock market with those same textbook responses. But then I thought about it for many years at very deep levels - researched the history of stocks, studied SEC filings - and realized there is a massive difference between the textbook ideas from school and what actually happens in practice.
The outcome of the years of meditation is this short audiobook that explains the simple truth about how stocks really work. It doesn't matter if you love stocks or hate them. You should know the truth about where your money goes the moment you buy a stock. You can listen to this audiobook to be a better gambler or listen to it to avoid the world's biggest scam. You will learn something unique here that you will not find elsewhere, and you will never forget what you learn.
The funny thing about truth is it doesn't go away. It can get covered, and people can get distracted, but it never disappears and becomes more evident over time. This is not just another story that will disappear after another market crash. It's an idea that will remain relevant for as long as the stock market exists.
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