Michel Pireu Columnist

“A stock is for all practical purposes a piece of paper that sits in a bank vault,” warns Adam Smith in The Money Game.

“It doesn’t know you own it. All those marvellous things or those terrible things that you feel about a stock, or a list of stocks, or an amount of money represented by a list of stocks, all of these things are unreciprocated by the stock or the group of stocks. You can be in love if you want, but that piece of paper doesn’t love you, and unreciprocated love can turn into masochism, narcissism or, even worse, market losses.”

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