by André Kostolany is a classic that has now been reissued. This book should definitely find its way onto the bookshelves of all stock market enthusiasts. Even after so many years, it is a valuable source of entertainment and wisdom for all active and passive stock market players. The author takes us on a fascinating journey through the world of finance and stock markets.
In addition to a very pleasant narrative style, André Kostolany brings one thing above all else to the table: incredibly exciting experiences and adventures. In my opinion, these alone make every book by the legendary "old stock market master" a pleasure to read. Kostolany's wonderland is at least an excellent title for what readers can expect here.
It is precisely these profound insights into the stock market that make his books so special. He describes and understands the stock market in an emotional way. And he takes a surprisingly reflective look back at his work and actions as a speculator. The financial markets almost take on a soul in his descriptions. Even after countless years, you can sense the mood on the trading floor at the time between the lines of his words. So from a historical point of view alone, it is very interesting.
The curious stories behind the various stock market crashes, of which he has witnessed more than one, are just one component of this book. Just like the development of the international financial markets, which can be followed.
"The list of new and spectacular successes is long, not only were the ideas right and happy, but the great desire for money was the driving force. Money goes to those who desire it with unlimited passion. He must be hypnotized by money like a snake by its charmer. Of course, he also needs luck. But all the studying and learning of business administration and similar pseudo-sciences is superfluous. Who better than 'rich green' to show how you can become a millionaire without studying? As a poor man, he applied for a position as a temple servant in Vienna in response to an advertisement. But even a temple servant at that time had to be able to read and write. However, as Grün was illiterate, he did not get the job. In his grief, he used the small consolation money he had received for his journey to emigrate to America.
He did business in Chicago. With his first small savings, he then created a company that grew bigger and bigger over time. A conglomerate bought his large company from him, and when the contract was signed, the big surprise came: Green couldn't sign it. 'My God,' said the buyer's lawyer, 'what would have become of you if you could read and write! But for those who can read and write, this book is intended as a travel guide to the land of speculation, to the wonderland of money and the stock market. For those who enter this wonderland and move around in it just for the sake of money, for those who only idolize the material things in it, I try in my book - even if only with brief aperçus - to open their eyes to another world."
André Kostolany
As a reader, you should by no means expect a guide to investing or making money. Because this book definitely does not offer that. Rather, it could be classified as financial entertainment - like a relaxed conversation with your grandparents about their past. In this style, André Kostolany manages to present his thoughts and views in his own inimitable, entertaining way. This includes some irreplaceable advice on how to be successful on the stock market and how not to be.
Kostolany covers a wide range of topics. First he analyzes various investment opportunities and then shares his opinion on the opportunities on various international markets. His stories are often amusing and his love of the stock market and making money is obvious. He gives the impression that the stock market is not just a way to make money, but also a place of thrill and challenge. That's not necessarily my approach, but it's certainly entertaining.
However, the structure of the book is somewhat chaotic and the transitions between the various topics are not always clear. André Kostolany gets lost in many digressions and anecdotes, which are entertaining but lack a common thread. There is also a lack of concrete instructions or strategies for successful trading on the stock market. He emphasizes the importance of experience and intuition, but there is a lack of practical advice for beginners. Furthermore, it can be considered questionable that emotions play a role for him in the stock market.
"For the majority of people, of course, earning money is an everyday necessity, since they don't have any. For others, it is a pleasure, not because of the money, but because it is earned in the authentic sense of the word. (Only the German language refers to monetary income as 'Verdienst'. The French win, the English reap; the Americans 'make' and the poor Hungarians seek). Earning even becomes a pleasure if you receive the money for an activity that you also enjoy."
André Kostolany
At this point a few words about the author:
André Kostolany (1906-1999) was an incomparable icon in the world of finance and stock market speculation. Born in Budapest, Hungary, his career began in the 1930s. He quickly established himself as one of the best-known stock market commentators and investors of his time.
He was not only known for his impressive successes, but also for his many failures. But above all for his charming and unconventional style. His ability to convey complex financial topics in an understandable and entertaining way made him a popular author and speaker. He wrote several books, through which he has remained with us to this day.
"The stock market speculator experiences a veritable intoxication when he rakes in profits with ideas that have proven to be right against the opinion of everyone else. The satisfaction of being proved right is an even greater pleasure for him than the money itself. Many see pleasure in spending money quickly and are therefore constantly under pressure to earn more and more. The roulette player, on the other hand, enjoys winning. But his second greatest pleasure is losing, because his pleasure is the thrill, not the money."
André Kostolany
Overall Kostolany's wonderland certainly an exciting book for anyone interested in the world of the stock market. Especially for those who tend to speculate and invest not only rationally, but also to a certain extent for amusement. Although I can only emphasize once again that this is not something I can necessarily endorse. But I am also not naive enough to believe that I can take this fun away from the masses with scientific arguments.
Anyone who wants to share in the personal experiences and insights of a stock market veteran beyond financial education will be very well served by this book. It is an entertaining read, but should not be used as the sole source for personal financial decisions. Readers looking for concrete instructions and strategies should look for further reading. For this I recommend, for example Sovereign Investing from Gerd Kommer or Simply create successfully from Jessica Schwarzer.
Note on the edition: This edition follows the first publication from 1982. Finanzbuchverlag has decided not to change the text of the first edition by modernizing it. However, it is aware that some of Kostolany's comments and references are very time-related and can only be understood in a historical context.