Cover image for Success and survival on Wall Street : understanding the mind of the market
Success and survival on Wall Street : understanding the mind of the market
Smith, Charles W., 1938-
Personal Author:
Publication Information:
Lanham, Md. : Rowman & Littlefield, [1999]

Physical Description:
x, 220 pages ; 24 cm
Format :


Call Number
Material Type
Home Location
Item Holds
HG4910 .S5634 1999 Adult Non-Fiction Central Closed Stacks

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Author Notes

Charles Smith is professor and chair of sociology at Queens College, CUNY.

Reviews 2

Booklist Review

Smith's subtitle suggests this is a study in investment psychology. Instead, Smith, who chairs the Queens College sociology department at City University of New York, uses sociological constructs to consider how the market behaves. He uses much of the same material and the same format as his earlier Mind of the Market (1981), but he also includes new material that takes into account major changes such as increased trading volume and new technologies. Twenty years ago, Smith identified four perspectives from which the market is viewed; here he adds two more. Relying on both extensive "participant observation" and formal interviews, Smith profiles fundamentalists, insiders, cyclists-chartists, traders, efficient market believers and enhancers, and transformational idea adherents. He shows how those prototypes are used to "sell the market," and he explains how "cynicism, faith, and foolishness shape the way some participants respond to the market." Smith offers no specific investment advice but does suggest that his analysis "sheds light" on "how to make money," and he concludes with four simple caveats for would-be investors. --David Rouse

Library Journal Review

An update of The Mind of the Market (1981), this book provides an intriguing look at the different ways that "true believers"--salesmen, investors, and market cynics--view, interpret, and evaluate the ambiguity of the market. Smith (sociology, City Univ. of New York) includes practical advice on how to build your knowledge of market conditions and 32 questions that investors should ask brokers before taking their advice on investment decisions. Extensively revised to reflect changes in the marketplace--including additional investment options and the rise of NASDAQ, computers, and networked communications as dominant forces in both domestic and international markets--this is a unique resource that should find avid readers in both academic and public libraries.--Norman B. Hutcherson, Kern Cty. Lib., Bakersfield, CA (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

Table of Contents

Prefacep. vii
Part I The Ambiguity of the Market
1 What's Going On?p. 3
Part II The True Believers
2 A Fundamentalistp. 25
3 An Insiderp. 35
4 A Cyclist-Chartistp. 41
5 A Traderp. 49
6 An Efficient Market Believer and Enhancerp. 59
7 A Transformational Idea Adherentp. 67
Part III Selling the Market
8 The Hard Facts of Market Lifep. 75
9 Selling Companies and Other Financial Productsp. 83
10 Managing Customersp. 91
11 Selling the Marketp. 97
12 Selling the Action and Dreamsp. 101
Part IV Cynicism, Faith, and Foolishness
13 A Market Cynicp. 109
14 Faith: Follow the Moneyp. 117
15 Foolishness: Follow the Crowdp. 123
Part V Putting it all Together
16 The Market as Mentorp. 135
Part VI Some Practical Advice for the Individual Investor
17 Basic Choices for Every Investorp. 147
18 Avoiding the Crowdp. 159
19 Four Rules for Success and Survivalp. 167
A Theoretical and Methodological Notep. 175
A Selected Glossary of Stock Market Terminologyp. 185
Notesp. 201
Referencesp. 213
Indexp. 217
About the Authorp. 221