A must read for all investors.
I've always believed that there are two things behind everything that gets done on Wall Street and in government. There's the excuse they give you, then the reason. The excuse for the markets existing is that they provide a way for producers to hedge risk and to acquire working capital. True. This happens. But the real "reason" for the markets is to separate little guys like you and me from our money. The book is dated, but what he has to say is still applicable today.