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The Money Game by Adam Smith (George Goodman) — Review and Key Takeaways
Key takeaways
- The stock market is a game in which money is the scoreboard — not a goal in itself.
- Personal identity and portfolio must not merge — otherwise you lose objectivity.
- Success in the market depends to a large extent on timing and luck, not only on skill.
- Watching Wall Street as a game with rules helps maintain emotional distance.
- Every era has its heroes and its charlatans — learning to tell them apart is a lifelong task.
Goodman wrote under the pen name Adam Smith, and his Money Game of 1967 is perhaps the most entertaining book on investing ever written. It is also one of the most instructive.
A game, not a science
Goodman's central argument: the stock market is a game. It has players, rules, chance, and psychological traps. Those who accept this play better than those who believe it is an exact science with right answers.
Money in that game is the score. Not the goal, not the security, not the identity. Once you start seeing it as your identity, you start losing.
Portraits and caricatures
The book is full of vivid portraits — analysts convinced of their own infallibility, portfolio managers who fear losing their jobs more than losing clients' money, and charlatans with the self-confidence of geniuses. Goodman describes them without malice, but with precise irony.
Why it remains relevant
Although the book portrays the Wall Street of the 1960s, the psychological mechanisms are identical today. Ego, herd behaviour, fear of missing out — none of that has changed in sixty years.
- An excellent companion to more earnest books such as Reminiscences of a Stock Operator
- Helps explain why passive investing works
- The book is in English (The Money Game); a Czech translation probably does not exist
Verdict
One of the most widely read books on investing — and yet it presents itself as entertainment. More titles in the book reviews section.
FAQ
Is the book available in Czech?
Probably not — the original, The Money Game, was published in English and a Czech translation may not exist. We recommend checking.
Is it suitable for beginners?
Better as a second or third book after the basics. Without context of the market environment, some of the portraits lose their point.
What makes it unique?
The combination of humour and psychological precision. Goodman explains the ego and irrationality of the market better than most academics — and entertains at the same time.