The Ponzi Factor
The Simple Truth About Investment Profits
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Narrated by:
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Sean Pratt
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By:
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Tan Liu
About this listen
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." (Arthur Schopenhauer)
The Ponzi Factor is the most comprehensive research ever compiled on the negative-sum nature of capital gains (non-dividend stocks). This means, as a whole, ALL investors will lose money from buying and selling stocks.
Most people don’t realize that profits from buying and selling stocks come from other investors who are also buying and selling stocks. When one investor buys low and sells high, another investor is also buying high and needs to sell for even higher.
Companies like Google, Telsa, Facebook never pay their investors. Their investors’ profits are dependent on the inflow of money from new investors, which by definition, is how a Ponzi scheme works.
This book is not for everyone. If you are a finance junkie who wants to rationalize why companies don’t have to pay their investors and believe a system that shuffles money between investor can magically create more money than people contribute, then this book is not for you. On the other hand, if you understand that money doesn’t grow on trees and investors invest because they want money, not value, then you will learn something you will never forget: the simple truth about what makes a stock price move and the mechanics of how the stock market really works.
A stock without dividends is a Ponzi asset. It’s not how ownership instruments were designed to work historically or logically.
True ideas will never disappear. It can be covered, and we can get distracted, but the truth never goes away and becomes self-evident over time. The Ponzi Factor is not a perspective or an opinion. It is a proof that is based on definition, logic, and it is supported by observable facts and history. This is not a story that will disappear after another market crash. It is an idea that will remain relevant for as long as the stock market exists.
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Story
According to Wall Street Journal investing columnist Spencer Jakab, most of us have no idea how much money we're leaving on the table - or that the average saver doesn't come anywhere close to earning the "average" returns touted in those glossy brochures. We're handicapped not only by psychological biases and a fear of missing out but by an industry with multimillion-dollar marketing budgets and an eye on its own bottom line, not yours.
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Got my head screwed on straight
- By Rob Barry on 12-20-18
By: Spencer Jakab
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The Little Book of Big Profits from Small Stocks + Website
- Why You'll Never Buy a Stock Over $10 Again (Little Books. Big Profits)
- By: Hilary Kramer
- Narrated by: Walter Dixon
- Length: 3 hrs and 14 mins
- Unabridged
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The key to building wealth the low-priced stock wayLow-priced gems, or what author Hilary Kramer calls "breakout stocks" come in all kinds of shapes and sizes but they all have three things in common: (1) they are mostly under $10; (2) they are undervalued; and (3) they have specific catalysts in the near future that put them on the threshold of breaking out to much higher prices. In The Little Book of Big Profits from Small Stocks, small stock expert Hilary Kramer looks for stocks with fifty to two hundred percent upside potential!
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Insightful, specific and resourceful!!!
- By Nico on 05-23-12
By: Hilary Kramer
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The Art of Value Investing
- Essential Strategies for Market-Beating Returns
- By: John Heins, Whitney Tilson
- Narrated by: Walter Dixon
- Length: 9 hrs and 5 mins
- Unabridged
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Whether you're a complete beginner in need of an A-to-Z value investing primer, an experienced investor looking to expand and fine-tune your repertoire of value investing skills, or an individual or institutional investor looking to identify the best money managers, this audiobook is for you. Authors John Heins and Whitney Tilson have brought together the collective wisdom of today's most successful value investors and distilled it into a series of actionable lessons you can put into practice right away.
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Collection of quotations with no narrative
- By busyfamilymom on 02-05-15
By: John Heins, and others
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The Index Revolution
- Why Investors Should Join It Now
- By: Charles D. Ellis
- Narrated by: LJ Ganser
- Length: 4 hrs and 18 mins
- Unabridged
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The Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable.
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A better way to invest
- By BSuave on 06-17-24
By: Charles D. Ellis
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The Motley Fool Million Dollar Portfolio
- By: David Gardner, Tom Gardner
- Narrated by: David Gardner, Tom Gardner
- Length: 7 hrs and 47 mins
- Unabridged
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Listeners are offered a first-class education in building, growing, and defending an individual portfolio, one investment strategy at a time. From learning to think like an investor to finding a first stock, from international investing to community-based online tools, this audiobook takes the reader through the essential strategies for building any portfolio, no matter how small its start or how big its ambitions.
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Great Introduction to Investing
- By Matthew on 09-18-09
By: David Gardner, and others
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When Genius Failed
- The Rise and Fall of Long-Term Capital Management
- By: Roger Lowenstein
- Narrated by: Roger Lowenstein
- Length: 9 hrs and 12 mins
- Abridged
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Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end. He explains not just how the fund made and lost its money, but what it was about the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the late-nineties culture of Wall Street that made it all possible.
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When Genius Failed
- By Sean on 12-17-08
By: Roger Lowenstein
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More Money Than God
- Hedge Funds and the Making of a New Elite
- By: Sebastian Mallaby
- Narrated by: Alan Nebelthau
- Length: 16 hrs and 4 mins
- Unabridged
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The Paul Volker Senior Fellow in International Economics at the Council on Foreign Relations, Washington Post journalist Sebastian Mallaby has garnered New York Times Editor’s Choice and Notable Book honors for his enthralling nonfiction. Bolstered by Mallaby’s unprecedented access to the industry, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007–2009.
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Valiant effort but lacking analytic horsepower...
- By ND on 01-10-11
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Warren Buffett and the Art of Stock Arbitrage
- Proven Strategies for Arbitrage and Other Special Investment Situations
- By: Mary Buffett, David Clark
- Narrated by: Karen White
- Length: 3 hrs and 28 mins
- Unabridged
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Warren Buffett and the Art of Stock Arbitrage is the first book to explore the secret world of Warren Buffett's arbitrage and special situations investing. Long considered one of the most powerful and profitable yet least understood of Buffett's investment operations, these special types of investments have been the edge that has made Warren Buffett the world's greatest investor.
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excellent info on arbitrage
- By Jack Frasier on 01-06-20
By: Mary Buffett, and others
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Lifecycle Investing
- A New, Safe, and Audacious Way to Improve the Performance of Your Retirement Portfolio
- By: Ian Ayres, Barry Nalebuff
- Narrated by: Gerry Gartenberg
- Length: 6 hrs and 37 mins
- Unabridged
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In finance, as in life, there's no such thing as a free lunch - unless you're well diversified. The push toward diversification inspires many investors to buy index funds, which is a smart move. But most people have missed the chance to diversify over their investing lifecycle.
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Pay Attention to Ideas, not Details
- By David on 08-23-10
By: Ian Ayres, and others
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Pricing the Future
- Finance, Physics, and the 300-Year Journey to the Black-Scholes Equation
- By: George Szpiro
- Narrated by: Brian Troxell
- Length: 10 hrs
- Unabridged
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Financial economist George G. Szpiro here tells the fascinating stories of the pioneers of mathematical finance who conducted the search for the elusive options pricing formula. From the broker's assistant who published the first mathematical explanation of financial markets to Albert Einstein and other scientists, Pricing the Future retraces the historical and intellectual developments that ultimately led to the widespread use of mathematical models to drive investment strategies on Wall Street.
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Petty details detract from the topic
- By Philo on 04-08-12
By: George Szpiro
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The Four Pillars of Investing
- Lessons for Building a Winning Portfolio
- By: William J. Bernstein
- Narrated by: Scott Pollak
- Length: 12 hrs and 16 mins
- Unabridged
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William Bernstein's commonsense approach to portfolio construction has served investors well during the past turbulent decade - and it's what made The Four Pillars of Investing an instant classic when it was first published nearly a decade ago. This down-to-earth book lays out in easy-to-understand prose the four essential topics that every investor must master: the relationship of risk and reward, the history of the market, the psychology of the investor and the market, and the folly of taking financial advice from investment salespeople.
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out of date
- By ubuntu_bear on 10-03-24
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The Little Book of Common Sense Investing
- The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition
- By: John C. Bogle
- Narrated by: L. J. Ganser
- Length: 5 hrs and 50 mins
- Unabridged
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The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund pioneer John C. Bogle reveals his key to getting more out of investing: low-cost index funds. Bogle describes the simplest and most effective investment strategy for building wealth over the long term: buy and hold, at very low cost, a mutual fund that tracks a broad stock market Index such as the S&P 500.
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One star for every point this 5 hour book makes.
- By Matt on 01-31-19
By: John C. Bogle
What listeners say about The Ponzi Factor
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Alex Syvorotka
- 06-09-21
What was in my gut feeling, laid out in a book...
Nice and concise explanation of the current state of stock market. For those who wonder about trillions of "numbers" and why the hell Bitcoin craze exists. Why Tesla still floats.
Must read for anyone who's making first steps in getting out of employment rat race and wants to get more.
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- Nathan
- 09-25-18
Eye opener. Articulate.
I knew something was wrong but I just couldn't put my finger on it. Tan Liu articulated it perfectly in this book. His argument is air tight leaving stock junkies nowhere to run.
You can pretty much back any finance major/stock junkie into a corner like I have once you read this book or give it a full listen. Truths don't go away, they stay and remain unchanged.
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1 person found this helpful
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- Beto
- 12-13-19
Great Book!!
If anyone who is a Finance major and is spectacle of the markets or if your not in the finance world this book ensure your gut feelings. Very well written
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- Kindle Customer
- 10-16-21
5 stars 🤩
This book is going to blow your mind and help you dig deep beyond the surface of what we understand about the stock market and investing. Whatever you used to beleve about investing and the buying of stocks is gonna change. if you are into investing you need to read this book and understand how 'investing' really works.
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- Drew562LBC
- 07-01-18
This book is a great investment of yout tme.
The author makes a lot of great points and observations. Very well written with clear and concise ideas regarding the stock market, a clear picture is painted. The definition of an expert is one who can explain the complex in understandable terms, Tan Liu meets this definition.
The truth really is simple after you see it. IF you take the RED pill and are still in the Matrix did you take the red pill and if you do nothing or do not know how to fight the system. I have wondered about some of these observations not as deep of explanations, some of these ideas are new and go further than I have made, yet I stay in the game. Just like Social Security, the Stock Market uses funds from new investors to pay those that got into the PONZI SCHEME earlier. Yet that is the system, I see the problem what is the solution? Till I find the way out I’ll want to be the one using the silk toilet paper. This book confirms a few of the suspicions I had already about the Finance world.
I highly suggest this book and give it five stars, why because it is a new ideas and it has kept me thinking about our finical system. IF you invest you money in the market, invest your time in this book.
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- Bernadette
- 12-04-20
Very revealing truth about the stock market
easy to finish
engaging
stock market myth debunked
good material
solid supporting facts and evidence
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- Royal
- 12-27-21
Finance dude will hate it
Shocking book. Like wow. The google break down makes me take a big deep look
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- Samuel Rochette
- 09-25-19
Simple yet effective
Tan Liu brings forth a truth so obvious that many may feel dumb not realizing it sooner or by themselves. He does so with an elegant simplicity and efficiency. It is a great book for those that are not well versed in finances or even economics, yet it probably will not feel too simple for people with an academic background. Arguments are discussed in a logical, yet philosophical way.
Although most of the book is centered on destroying counter-arguments, it feels only natural. After all, the truth highlighted is a simple fact: a huge part of today's finances is a scam, the same as a Ponzi scheme.
Liu's main idea should be discussed way more than it currently is. Therefore, I highly recommend this book to everyone, as we all have a civic responsibility toward our society, especially when a lot of money is potentially wasted. Even if you do not agree with him (or his idea), the arguments provided are by themselves worth considering. The question is often more important than the answer.
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- Tony
- 12-02-20
very valuable knowledge
being a lay person in finance I hardly could believe it. One small step for a more just world.
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- Gregor
- 06-27-20
Brilliant and informative book!
l learned so much for this book.
Highly recommended for anyone wanting a better understanding of the stock market and just what an horrendous scam it really is.
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