Wealth, War, and Wisdom Audiobook | Barton Biggs | Audible.com
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Wealth, War, and Wisdom | [Barton Biggs]

Wealth, War, and Wisdom

In Wealth, War, and Wisdom, legendary Wall Street investor Barton Biggs reveals how the turning points of World War II intersected with market performance. Biggs will help the 21st-century investor comprehend our own perilous times as well as choose the best strategies for the modern market economy.
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Publisher's Summary

In Wealth, War, and Wisdom, legendary Wall Street investor Barton Biggs reveals how the turning points of World War II intersected with market performance. Biggs will help the 21st-century investor comprehend our own perilous times as well as choose the best strategies for the modern market economy.

"The wisdom of the markets" prevails, even in the most turbulent of eras: the British stock market bottomed out just before the Battle of Britain; the U.S. market turned at the epic Battle of Midway; and the German market peaked at the high-water mark of Germany's attack on Russia. Those events turned out to be the three great turning points of World War II - although at the time, no one and no instrument except the stock markets recognized them.

Biggs skillfully discusses the performance of equities in both victorious and defeated countries, reveals how individuals preserved their wealth despite the ongoing battles, and explores whether or not public equities were able to increase in value and serve as a wealth preserver.

Biggs also looks at how other assets, including real estate and gold, fared during this dynamic and devastating period, and offers valuable insights on preserving one's wealth for future generations.

©2008 Barton Biggs; (P)2008 Gildan Media Corp

What the Critics Say

"[Biggs'] air of scholarly detachment and lucid prose make Wealth, War and Wisdom worthy as both an economic primer and history seminar." (Trader Monthly)

What Members Say

Average Customer Rating

3.9 (89 )
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4.1 (23 )
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  •  
    morton Rego Park, NY, United States 07-30-08
    morton Rego Park, NY, United States 07-30-08
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    "A Must For Every Serious Investor"

    This brilliant, knowledeable man of finance offers important lessons for us today. I really enjoyed the historical quips along with Winston Churchill's impressive wit. It was interesting to hear about the personal side of the warring leaders from both sides.

    It was fascinating to learn the lessons of the Japanese real estate market post war as well as the information regarding the stock markets during that time.

    Biggs offers advice on portfolio and currency diversification. He also analyzes what worked and didn't work for survivors of World War II.

    This is an audio book every serious investor should hear. It is an absorbing and thought-provoking primer on wealth creation.

    12 of 13 people found this review helpful
  •  
    Clifford Windsor, CT, USA 01-09-09
    Clifford Windsor, CT, USA 01-09-09 Member Since 2007
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    "Intriguing History Lesson"

    It is touted as a finance book, however it offers more interesting history insights. The primary financial take-away is to diversify investments (investment types and international locations) and, despite big downturns during the 1900s, the stock market over time was one of the best investment vehicles. The narrator was one of the best I have heard and I found the historical insights from WWII and the Korean War unique and intriguing. This was a very enjoyable listen.

    5 of 5 people found this review helpful
  •  
    Nelson Alexander New York, NY, United States 08-01-10
    Nelson Alexander New York, NY, United States 08-01-10 Member Since 2006
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    "An Interesting Mishmash"

    This is not the book I had hoped for, but isn't nearly as bad as it ought to be, given its digressions and doubtful thesis. I was hoping for a book tracking some of the financial history behind WWII. What Biggs proposes is a "wisdom of crowds" thesis demonstrating that equities markets recognized pivotal moments in the war ahead of popular sentiment or expert opinion. I find this this concept of the wise or rational market patently absurd, a notion born of ontological fallacies and Chicago School propaganda. Rather than market prediction of events, it is selective retrodiction, more or less the technique used by palm readers to simulate clairvoyance. What we get then, is a quirky, compact history of WWII punctuated by a glance at stock market movements, a few of which are made out to be prescient. At times, Biggs does not even seem convinced by his own case, stating it in rhetorical form. "Could it be that the market sensed Rommel's dilemma...?" Etc. Yet for all that, I found Biggs' idiosyncratic history of the war to be interesting, as when we learn that Hitler compared his "lebensraum" expansion in Eastern Europe to the displacement and slaughter of the Indians in the United States. Or the fact that Nazi spies kept track of Churchill's trash to see how much he was drinking. (Answer: a lot.) There are many vivid portraits and wartime episodes. Biggs also tracks the value of various stores of wealth during war, from bonds to paintings, sounding like a catastrophe survival guide for plutocrats. I would have liked much more about the financing and macroeconomics of the war. In any case, while Biggs fails to demonstrate that stock markets are "wise" in times of war, he does confirm that they are often confused, sometimes hysterical, and consistently amoral. No brilliant theme or deep analysis here, but some interesting ideas, biographical sketches, and well-told war stories.

    4 of 4 people found this review helpful
  •  
    Geraldine Palmdale, CA, United States 05-27-10
    Geraldine Palmdale, CA, United States 05-27-10

    A book lover with varied interests: history, political and technical and economic thrillers, mysteries, crime dramas, futuristic fantasy.

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    "Barbarian at the Gate"

    Wealth, War, and Wisdom by Barton Biggs was informative as well as entertaining. Its main thesis was that wealth could often be preserved in the face of war and other calamities. As a student of both history and the economy, I was not disappointed in the book. Biggs' account of World War II and the Korean wars (in all their tragedies and glories)was detailed. He related specific battles and events of the wars with an accounting of the stock market's performance in that specific country during that time period. (Of course, the underlying belief that the equities market is rational and responds reliably to political and social events continues to be debated.) In his conclusion, Biggs gave explicit recommendations regarding the content and proportion that one's holdings should take in the face of calamity. He also recommended the means by which to hold onto one's money in case the barbarians (in whatever form) contrived to strip the wealthy of their wealth. He further cautioned the reader to learn to recognize the appearance of black swans, which presumably herald the need to change one's investment strategies. The author's breadth of knowledge and research was exhaustive. Since I am not wealthy and thus have little to lose, reading the book was an academic exercise -- but it was also informative and thought provoking.

    3 of 3 people found this review helpful
  •  
    Truc Wyncote, PA, United States 01-18-11
    Truc Wyncote, PA, United States 01-18-11 Member Since 2009
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    "Glass half full"

    the book is full of interesting facts and causal details. There is nothing really applicable in today's state of the world.

    2 of 2 people found this review helpful
  •  
    chris las vegas, NV, United States 07-25-10
    chris las vegas, NV, United States 07-25-10 Member Since 2005
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    "Ended up liking it"

    Started into this very intrigued, but started to lose interest because I thought it was going to etch forward about WWII and contrast against stock movement every twenty minutes for the entire book. In the beginning it felt that way, but then went into overdrive with WWII information and was more sparing with the stock info. I went into the book wanting to know about the markets, but the WWII info was so gripping I wanted to know more about that. The book delivered and I was very pleased with how it was all put together. I am glad there was much more WWII than stock market info because otherwise you'd feel like the facts were there just to prove the initial thesis- that markets gauge people's sentiment, hope, and lack of hope during a war.

    1 of 1 people found this review helpful
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    L New York, NY, United States 03-24-10
    L New York, NY, United States 03-24-10 Member Since 2005
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    "ok, but 20-20 Hindsight"

    Primarily a history of WWII, with extra emphasis on what happened to financial markets and wealth. The end has his suggestions for keeping wealth through major crisis times (buy farmland). But his comments about how stock markets magically predicted everything are silly, 20-20 hindsight: 'notwithstanding the news coming from the front lines, the stock market somehow sensed that...'

    1 of 1 people found this review helpful
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    ng Singapore, Singapore 12-15-09
    ng Singapore, Singapore 12-15-09
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    "History or economics"

    Tales about the war are riveting and make this audiobook an enjoyable experience. However, the refences to the stock market are tenuous and contrived. Better if he had stuck to what he is really interested in - history.

    3 of 4 people found this review helpful
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    Acteon Vancouver, British Columbia, Canada 10-14-13
    Acteon Vancouver, British Columbia, Canada 10-14-13 Member Since 2009

    Acteon

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    "Worth it nonetheless"
    Would you listen to Wealth, War, and Wisdom again? Why?

    Possibly. It recounts a number of important events in an engaging way and has some nice anecdotes; my memory is not good enough to remember everything.


    What did you like best about this story?

    The perspective it brought to World War II and to the problem of preserving wealth. Some nice anecdotes.


    What does Erik Synnestvedt bring to the story that you wouldn’t experience if you just read the book?

    Saved my eyesight. On the whole a good reader who reads at a good clip (which I like), except for a few words that I have trouble catching and numbers that go by too quickly for me to register. I would recommend that he pays more attention when there are unfamiliar words and when there are sequences of numbers, perhaps taking care to slow down so that listeners can understand these better.


    Any additional comments?

    I'm not too convinced by Bigg's idea of the stock market's prescience, which also doesn't mean much in practical terms since there is no way to benefit from it as afar as I can see, even if we were to accept the idea of the market's "wisdom". However, the theme of wealth preservation in bad times (which is very well presented for the period 1914-1950) as well as the reminder that bad times will always come make the book well worthwhile.

    0 of 0 people found this review helpful
  • Showing: 1-9 of 9 results
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  • Paul
    London, United Kingdom
    6/1/11
    Overall
    "It's a history book - no real market analysis"

    It's a history book. The analysis of the interaction between the markets and the political developments is very siplistc and analytically suspect. An intelligent reader can guess what the conclusions will be here (eg do you think it is good or bad to own stocks in a country that loses a great war?).

    0 of 0 people found this review helpful
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