I’ve recently been digging into a true investing classic, “The Money Game.” Published in 1968, it was in retrospect one of the earliest rebuttals of EMT, après la lettre. It was considered so scandalous, both for its gossip and its principles, that author George Goodman, a working Wall Streeter, felt compelled to publish under the pen name “Adam Smith.” It was a snarky choice, because Goodman set out to undermine, or at least dramatically question, the mechanistic and mathematical worldview that the original Adam Smith developed. And Goodman had some profoundly sage advice that applies to those questioning the rise of SHIB today:
