Jason Zweig - The Devils Financial Dictionary

Praise for Jason Zweigs

THE DEVILS FINANCIAL DICTIONARY

This is the most amusing presentation of the principles of finance that I have ever seen.

Robert J. Shiller, professor of finance, Yale University; Nobel laureate in economics; author of Irrational Exuberance

Someone had to write a short, punchy book on the fibs and fables of Wall Street during this second Gilded Age for the extravagantly-paid manipulators of our financial system. Happily for readerswhether wise, nave, or victimizedjournalist Jason Zweig picked up the challenge, and ran for the winning touchdown with it. Laugh, cry, and learn as you enjoy the sparkling Devils Financial Dictionary.

John C. Bogle, founder of The Vanguard Group; author of Common Sense on Mutual Funds

A delightfully humorous and stunningly irreverent Ambrose Bierce for financial markets. This satirical critique of what passes for wisdom on Wall Street belongs on the bookshelf of every serious investor.

Burton G. Malkiel, professor of finance emeritus, Princeton University; author of A Random Walk Down Wall Street

Open this wonderful book to any page. Try not to laugh. I dare you.

James Grant, Grants Interest Rate Observer

Jason Zweigs book is absolutely marvelous. It combines wicked humor, scholarly etymology, and superb advice. If you have money invested, you must read this book; if you dont, read it anyway for pure fun.

William F. Sharpe, emeritus professor of finance, Stanford University; Nobel laureate in economics

Youll love this book. Zweig cuts through financial hypocrisy to expose Wall Streets cynical core, and does it hilariously. Youll also get some super-smart investment tips. One of my favorite devilish definitions: Broker: Buys and sells stocks, bonds, mutual funds, and other assets for people who are under the delusion that the broker is doing something other than guesswork.

Jane Bryant Quinn, author of Making the Most of Your Money Now

Both witty and wisewith just a refreshing dash of cynicismThe Devils Financial Dictionary should be on every desk on both Wall Street and Main Street.

John Steele Gordon, author of An Empire of Wealth and The Business of America

Vintage Jason Zweig: entertaining, truthful and oh so telling about Wall Street. The definition of Day Tradern. See IDIOT.says it all. Any investor who does not read this witty, insightful and rueful reminder of Wall Streets financial follies is an IDIOT!

Consuelo Mack, anchor and executive producer, Consuelo Mack WealthTrack

Jason Zweig has long been a brilliant financial journalist. People who have listened to Jason have shielded their assets from the purveyors of costly and useless advice. In The Devils Financial Dictionary, Jason turns his wit and insight to arming us with an understanding of the financial terms that too many professionals use to intentionally baffle investors.

Max H. Bazerman, co-director, the Center for Public Leadership, John F. Kennedy School of Government, Harvard University; author of The Power of Noticing

Broad experience, thorough conversance with history, unusual insight, and dashes of humor and cynicism. This is what you need to understand the world of investing, and this is what youll find in The Devils Financial Dictionary by Jason Zweig.

Howard Marks, co-chairman, Oaktree Capital Management, L.P.; author, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Jason Zweig, one of the great truth-tellers in financial journalism, is the spiritual heir to Ambrose Bierce, one of the great satirists in American letters. Both use piercing wit to reveal important truths.

Gary Belsky, coauthor of Why Smart People Make Big Money Mistakes and How to Correct Them

Wall Street frequently uses complex terminology to keep its own customers in the dark. That is why Jason Zweigs The Devils Financial Dictionary is so refreshing. Zweig, who has a lifetime of experience covering finance, exposes the language of Wall Street with sharp wit, historical perspective, and a skeptics eye.

Tadas Viskanta, founder and editor, Abnormal Returns; author of Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere

THE DEVILS FINANCIAL DICTIONARY, n. A compendium of financial jargon observed to induce in its readers nearly continuous spasms of raucous laughter. Has also been known to produce near-fatal episodes of cognitive dissonance in brokers, advisors, and money managers, who should consume its contents with care. Normal individuals, in contrast, may incur a deepening of financial wisdom, a fattening of the wallet, and an uncontrollable urge to steal entire passages for later use.

William J. Bernstein, author of The Four Pillars of Investing and A Splendid Exchange

If finance were stand-up comedy, Jason Zweig would be its Groucho Marxa serious man with a wild sense of humor: Dog: A stock that obeys no command except DOWN. Need I say more?

Laurence B. Siegel, research director, CFA Institute Research Foundation

Witty and fun are two adjectives that may never have been used to describe a dictionary, but they apply to this one. But it is not just jokes; I learned a lot browsing around in this clever little book.

Richard H. Thaler, professor of behavioral science and economics, University of Chicago Booth School of Business; author of Misbehaving and coauthor of Nudge

Cynical and exceptionally witty, this book shines a light into the unlit corners of finance. After a lot of laughs, I walked away with a less distorted view of reality.

Shane Parrish, CEO of Farnam Street Media

Jason Zweig is a journalist known for his wise investment counsel. But he also has a wicked wit, which is on full display in The Devils Financial Dictionary. A fun romp for those who dont take themselves too seriously.

Michael J. Mauboussin, head of global financial strategies, Credit Suisse; author of The Success Equation and Think Twice

Fun, interesting, irreverent, and well-informed, Jason Zweig scores again. Youll laugh and cryand send copies to your friends.

Charles D. Ellis, founder, Greenwich Associates; author of Winning the Losers Game: Timeless Strategies for Successful Investing

Finally, in language every investor can understand, The Devils Financial Dictionary lays waste to the hubris of Wall Street. The definition of INDEX FUND should be read over and over again.

Gregory Berns, distinguished professor of neuroeconomics, Emory University; author, Iconoclast and How Dogs Love Us

I tried to write definitions wittier than Jason Zweigs but couldnt. Instead, I laughed, chuckled, and chortled through the book. I bet you will too.

Meir Statman, professor of finance, Santa Clara University; author of What Investors Really Want

Front endpapers: Avaritia (Greed), Pieter van der Heyden after

Pieter Bruegel the Elder, engraving, 1558. Rijksmuseum

Back endpapers: Invidia (Envy), Pieter van der Heyden after Pieter