STREET DOGS: Joseph de la Vega’s fundamental rules on the confusion of confusions
Joseph de la Vega was a successful Jewish merchant, speculator, philanthropist and poet. In 1688, he wrote Confusion of Confusions, one of the first books on the subject of speculation. A great takeaway from the book are his four fundamental rules of speculating in shares: 1. Never advise anyone to buy or sell shares. Where guessing correctly is a form of witchcraft, counsel cannot be put on airs. 2. Accept both your profits and regrets. It is best to seize what comes to hand when it comes, and not expect that your good fortune and the favourable circumstances will last. 3. Profit in the share market is goblin treasure: at one moment, it is carbuncles, the next it is coal; one moment diamonds, the next pebbles. Sometimes, they are the tears that Aurora leaves on the sweet morning’s grass, at other times, they are just tears. 4. He who wishes to become rich from this game must have both money and patience. Also from the book: One should trade little because philosophers tell me that ...
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