The first book on the stock market was by a Spaniard and this is what he advised

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If there is a quick way to become evident in economics, it is, without a doubt, to give stock market advice. However, many books have tried to reveal its mysteries and the oldest, or at least the oldest that is preserved, turns out to be by a Spaniard and this is what he had to say .

Joseph Penso de la Vega Passariño was a Spanish-Dutch Jew born in Espejo (Córdoba) in His family went to Holland when he was very young and Joseph developed a talent for writing and economics.


This was reflected in the book Confusion of Confusions , which deals with the functioning of the Amsterdam Stock Exchange, the first created in the world in

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Written in and structured in large sections called "Dialogues", the book is, in reality, a satire , whose full title is: Confusion of confusions: curious dialogues between a sharp philosoph, a discreet merchant, and a lear  India Email List  ned shareholder, describing the stock business, its origin, its etymology, its reality, its game, and its entanglement .



This volume has gone down in history and, in fact, there are modern reissues. However, when you read it, you wonder if it is really satire or an accurate description of the topic.

How the stock market works, explained more than years ago
To begin with, Penso de la Vega is clear about how to define the Amsterdam Stock Exchange of those years:

The fairest and most deceptive in Europe... The finest and most vulgar on earth.
And as for how it works, it offers a description that each one will judge if it is accurate and if, more than three centuries later, it is not a faithful reflection of what happens today :

This business has become a game, and the traders involved in it have become speculators [...] And what is worse, a part of the stock brokers have become gamblers [...] It is foolish to think that you can abandon the stock market after having tasted the sweetness of its honey. He who has once entered the attractive circle of the Stock Market is permanently restless in a prison whose key is in the ocean and whose bars never open.
However, despite this vision, the author is clear when he says that actions do not exist only for fools , but also for intelligent ones.

And for that reason, he gives some basic advice .

The principles of investing in the stock market, according to the oldest book on it
How to invest in the stock market without losing
Making it clear to the reader where they are going if they want to invest, de la Vega establishes several principles by which he is guided.

They are inclined, above all, to keep a cool head and not get carried away by the emotional aspects of the game.

Thus, the author recommends:

Never give stock market advice , because even the best recommendation can become bad over time.
Take every profit you have without remorse for lost profits , "because an eel can escape sooner than you think", probably in reference to the fact that luck runs out and it is better to collect at a good time, than to wait for that moment of value peak, in which we never got it right when giving the purchase order.
The benefits of the bag are like: «The treasures of the elves. At any given moment it may be precious stones, then coal, then diamonds, then flint, then morning dew, then tears.” That is, the volatile nature of the stock market and its profits.
«Whoever wants to win this game must have patience and money , since the values ​​are not constant and the rumors are very little founded on truth. He who knows how to endure blows without allowing himself to be terrified by misfortune is like the lion that responds to thunder with a roar, and is not like the deer that, stunned by thunder, tries to flee.