"e;Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans."e; -David M. Darst, author of The Art of Asset Allocation Managing Director and Chief Investment Strategist, Morgan Stanley Individual Investor Group "e;Nobody has written about the craft of money management with more insight, humor, and understanding than Adam Smith. Over the years, he has consistently separated wisdom from whimsy, brilliance from bluster, and character from chicanery."e;-Byron R. Wien, coauthor of Soros on Soros Chief Investment Strategist, Pequot Capital Management Supermoney may be even more relevant today than when it was first published nearly twenty-five years ago. Written in the bright and funny style that became Adam Smith's trademark, this book gives a view inside institutions, professionals, and the nature of markets that has rarely been shown before or since. "e;Adam Smith"e; was the first to introduce an obscure fund manager in Omaha, Nebraska, named Warren Buffett. In this new edition, Smith provides a fresh perspective in an updated Preface that contextualizes the applicability of the markets of the 1960s and 1970s to today's markets. Things change, but sometimes the more they change, the more they stay the same.

Foreword ixPreface xxviiI. Supermoney 11. Metaphysical Doubts, Very Short 32. Liquidity: Mr. Odd-Lot Robert Is Asked How He Feels 43. Supermoney, Where It Is: The Supercurrency 15II. The Day the Music Almost Died 291. The Banks June 1970 312. The Brokers September 1970 50III. The Pros 671. Nostalgia Time: The Great Buying Panic 692. An Unsuccessful Group Therapy Session for Fifteen Hundred Investment Professionals Starring the Avenging Angel 783. Cautionary Tales Remember These, O Brother, in Your New Hours of Triumph 954. How My Swiss Bank Blew $40 Million and Went Broke 1105. Somebody Must Have Done Something Right: The Lessons of the Master 171IV. Is the System Blown? 1991. The Debased Language of Supercurrency 2012. Co-opting Some of the Supercurrency 2153. Beta, Or Speak to Me Softly in Algebra 223Well, Watchman, What of the Night? Arthur Burns's angst; Thirteen Ways of Looking at a Blackbird; Prince Valiant and the Protestant Ethic; Work and Its Discontents; Will General Motors Believe in Harmony? Will General Electric Believe in Beauty and Truth? Of the Greening and Blueing, and Cotton Mather and Vince Lombardi and the Growth of Magic; and What Is to Be Done on Monday Morning. 235Some Notes 287I. Table I: Sector Statements of Saving and Investment: Households, Personal Trusts, and Nonprofit Organizations 291II. Table II: Funds Raised, Nonfinancial Sectors 293III. Table III: The Runoff in Commercial Paper; Summer 1970 294IV. Portfolio of the University of Rochester 295