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1、BusinessAdventuresTwelveClassicTalesfromtheWorldofWallStreetJohnBrooksContents1TheFluctuationTHELITTLECRASHIN’622TheFateoftheEdselACAUTIONARYTALE3TheFederalIncomeTaxITSHISTORYANDPECULIARITIES4AReasonableAmountofTimeINSIDERSATTEXASGULFSULPHUR5XeroxXeroxXeroxXerox6MakingtheCustomersWholeTHEDEAT
2、HOFAPRESIDENT7TheImpactedPhilosophersNON-COMMUNICATIONATGE8TheLastGreatCornerACOMPANYCALLEDPIGGLYWIGGLY9ASecondSortofLifeDAVIDE.LILIENTHAL,BUSINESSMAN10StockholderSeasonANNUALMEETINGSANDCORPORATEPOWER11OneFreeBiteAMAN,HISKNOWLEDGE,ANDHISJOB12InDefenseofSterlingTHEBANKERS,THEPOUND,ANDTHEDOLLAR
3、Index1TheFluctuationTHESTOCKMARKET—thedaytimeadventureserialofthewell-to-do—wouldnotbethestockmarketifitdidnothaveitsupsanddowns.Anyboard-roomsitterwithatasteforWallStreetlorehasheardoftheretortthatJ.P.MorgantheElderissupposedtohavemadetoanaïveacquaintancewhohadventuredtoaskthegreatmanwhatthe
4、marketwasgoingtodo.“Itwillfluctuate,”repliedMorgandryly.Andithasmanyotherdistinctivecharacteristics.Apartfromtheeconomicadvantagesanddisadvantagesofstockexchanges—theadvantagethattheyprovideafreeflowofcapitaltofinanceindustrialexpansion,forinstance,andthedisadvantagethattheyprovideanalltoocon
5、venientwayfortheunlucky,theimprudent,andthegullibletolosetheirmoney—theirdevelopmenthascreatedawholepatternofsocialbehavior,completewithcustoms,language,andpredictableresponsestogivenevents.Whatistrulyextraordinaryisthespeedwithwhichthispatternemergedfullblownfollowingtheestablishment,in1611,
6、oftheworld’sfirstimportantstockexchange—arooflesscourtyardinAmsterdam—andthedegreetowhichitpersists(withvariations,itistrue)ontheNewYorkStockExchangeinthenineteen-sixties.Present-daystocktradingintheUnitedStates—abewilderinglyvastenterprise,involvingmillionsofmilesofprivatetelegraphwires,comp
7、utersthatcanreadandcopytheManhattanTelephoneDirectoryinthreeminutes,andovertwentymillionstockholderparticipants—wouldseemtobeafarcryfromahandfulofseventeenth-centuryDutchmenhagglingintherain.Butthefieldmarksaremuchthesame.Thefirststockexchang