The Humanities of Wealth: The Path to Riches Discovered in the Libraries of Super-Rich (Revised and Expanded Edition, 200,000 Copies Sold)

Author Wooseok · Publisher Open Mind · Published 2022-03-21 · ISBN 9791196851200

About the Book

From the mechanism of real estate price fluctuations to genius's winning stock investment methods

Until now, there has been no book that views humanities through the lens of 'investment.' It is fascinating how humanities can be used as a tool to open one's eyes to investment in such an easy and engaging way. The author weaves together humanities, internalized within himself, and our current reality, like warp and weft threads, to create a grand tapestry of investment.
Chapter 1 explains why we should read books, how philosophy changes our thoughts and lives in everyday language, and how philosophy becomes a weapon for investment. Chapter 2 elaborates on the principles by which the economy and business cycles move within politics and policies, how they change our lives, and why people choose a "life of slavery." Chapter 3 proposes practical real estate investment methods needed for us today through the mechanism of real estate price movements. Chapter 4 introduces winning stock investment methods derived from the theories of genius economists, encouraging individual investors to reduce mistakes and failures. Chapter 5 reveals how to read the flow of money and the operating principles of wealth based on humanities, breaking down fixed notions and misunderstandings about investment. Chapter 6 guides readers to grasp human nature and the principles of capitalism to draw a blueprint for successful investment.

Recommendations

Pilgrimage recommendations from members of Naver Cafe ‘Real Estate Study’ with 1.8 million members

Writing difficult content in a difficult way is not hard. However, explaining difficult content easily with various everyday examples is a skill that not everyone possesses. In that regard, Wooseok's writing is truly outstanding. - Austroid

Oh, I'm going crazy. So this is why everyone talks about Wooseok. His profound knowledge isn't superficial; you can feel the power of accurately and honestly understanding the world. Please don't take down the post; I want to show it to my wife. - rambar

Thank you for the great post, Wooseok. I'm learning a lot. I never thought I'd get life direction from an online cafe. I empathize and thank you. - Dainyirang

Please, I beg you. Please publish your writings that make humanities easy and fun to read as a book. I want my child to read it. - Naranaara2

I regret only knowing Wooseok now~ I'll read diligently and break through~^^ - Coffee Johta

Wooseok explains difficult things so easily. How can he convey specialized knowledge so simply and engagingly? Please don't go anywhere; keep posting high-quality articles. - Deep

Table of Contents

Preface
The forecast articles that people go on pilgrimages for are, in fact, just ancient prophecies hidden within the humanities

Chapter 1: How Philosophy Becomes a Weapon for Investment

What Becomes Visible When Standing on the Shoulders of Giants
Entry Barriers Are Profits
Standing on the Shoulders of Giants Reveals the Path to Money
The Proven Truth That Money Is in Books

George Soros, a Global Investor Thanks to Karl Popper
Why Soros Became a Great Investor
Two Keywords for Understanding the 'Framework of Thinking'
Fallibility and Reflexivity Create Bubbles
Bubbles Created by Investors' Misconceptions Can Also Be Opportunities
An Investor Who Created Gold Using Philosophy

Kant's Philosophy That Became Munger's Strong Backer
The Head of Western Philosophy That Criticized and Synthesized Rationalism and Empiricism
What We Can Learn from Kant's Philosophy, 'Critique of Pure Reason'
Charlie Munger, Who Built a Comprehensive Mental Model Through Reading
The Mental Model Needed by Investors

Why Descartes' Philosophy Is Necessary for Investors
How to Apply Descartes' Philosophy to Investment
Investors Who Learn from Trial and Error

The Easiest Way to Apply Socrates' Philosophy to Investment
How to Apply the Advice 'Know Thyself' to Life
Two Ways to Apply Socrates' Advice to Investment
Finding the Right Investment Method for Me Only After Knowing Myself

Chapter 2: People Who Chose a Life of Slavery

Why Do Real Estate Prices Rise More When Progressive Governments Are in Power?
Expanded Fiscal Spending Policies Lead to Inflation
Increasing the Money Supply Is Followed by Inflation
Why Do Real Estate Prices Rise More Under Progressive Governments?

Working Hard Without Strategic Thinking Leads to Quicker Failure
Networking Is More Important Than Talent and Effort
Five Competitive Forces That Shape Strategy
Profitable Industries Are Already Determined

The Road to Hell Is Paved with Good Intentions
Hellish Events Happening Within Us Now
Someone Must Get Rich First

The Market Does Not Reward Moral Standards
Do Not Apply Moral Standards to the Market Economy
Why People Choose the Path of Slavery

What Destroys Cities Is Not Bombing, but Rent Control Policies
Warnings About the Side Effects of Rent Control Policies
The Reasons Why a Market Economy and Private Property Are Necessary

Economic Democratization Is a Shortcut to Economic Stagnation
Why Politicians Choose Inflation
Labor Unions Pursue Privileges and Threaten Society
Economic Democratization Leads to Economic Stagnation

Chapter 3: The Mechanism of Real Estate Price Movement

Real Estate in Seoul and Local Areas Will Polarize
Why Doesn't the World Become Flat?
Three Clustering Forces That Back Innovative Companies
Why Manufacturing-Centric Cities in the US Declined
Why Human Resources Flock to Specific Regions and Cities
What Insights Are Relevant to Real Estate Investment in Korea?

Invest in Superstar Cities, Seoul
Who Benefits from the Era of Superstar Cities?
House Prices in Superstar Cities Have Soared Since 2000

Which City, Which Neighborhood's Real Estate Will Rise?
The Hidden Meaning Behind the Phrase 'The Triumph of the City'
What Are the Success Factors of a City?
The Two Most Important Success Factors of a City

Clear Reasons to Buy a House in Seoul
The Answer Lies in the Power of Division of Labor
Limitations of Metropolitan Area Suppression Policies

Comparative Advantage Theory Tells Us to Buy Houses in Seoul, Not Rural Areas
Ricardo's Legacy 1. Comparative Advantage Theory
Ricardo's Legacy 2. Labor Theory of Value

Landowners Become Richer Than Businessmen and Salaried Workers
Ricardo's Legacy 3. Differential Rent Theory

If You Want to Make a Fortune, Buy Even a Piece of Land
The Mechanism by Which All Land Prices Rise
The Only Thing That Rises Is Land Prices

Real Estate Prices Depend on Profitability
Human Selfishness Makes the World Prosperous
Three Real Estate Investment Hints from "The Wealth of Nations"

How Will House and Commercial Property Prices Change Around a New GTX Line?
The Potential and Limitations of Road Opening Effects

How Much Should We Trust Government Real Estate Policies?
What Is Public Choice Theory?
Seoul's Redevelopment and Reconstruction Regulations Are Killing Gyeonggi Residents

Does the Housing Price Cap System Really Control House Prices?
The Maximum Price of Milk Led to Soaring Milk Prices
Is It Really Multi-Homeowners Who Are Driving Up House Prices?
Why Don't Other Countries Regulate Multi-Homeowners?

Chapter 4: Surefire Stock Investment Methods

The Genius Economist Who Saved Capitalism's Surefire Stock Investment Method
When a Recession Hits, the Government Just Needs to Increase Spending
The Life of a Versatile Mathematical Genius
Why Keynes So Disparaged Marx's Ideas
Can We Predict How the Public Will Think and Invest?
Keynes's Investment Pointers

Two Investment Formulas Used by Keynes and Buffett
Criteria for Deciding Whether to Invest
Criteria for Deciding How Much to Invest

Invest in Low PER and Low PBR Stocks
What Was Discovered Thanks to the Obsession with Measurement
An Investment Method Learned from the Power of Peas to Revert to the Mean

Diversified Investment Method That Minimizes Volatility of Returns
What Is Portfolio Selection Theory?
What Determines Risk?
Should We Diversify or Concentrate Investments?

You Can Never Make Money Through Chart Analysis
Charts and Fund Managers Are All Bogus
Two Exceptionally Effective Investment Methods
Lessons from the Efficient Market Hypothesis

Invest in Stocks with Poor Investment Returns for 3 Years
Buy When Traded Cheaply and Sell When the Market Is Hot

To Get Rich, Escape the Fear of Loss
Not Investing Is the Most Dangerous Thing
Overcome Fear and Start Investing While You're Still Young

Is There a Way to Know in Advance and Avoid Real Estate and Stock Bubbles?
Reasons Why Asset Price Bubbles Form and Burst
Two Indicators That Help Overcome the Herding Instinct

Chapter 5: Wealth Laws That Pave the Way for Investment

Why Is Everyone So Desperate to Live in Gangnam?
Humans Confirm Their Presence Through Display
Relative Poverty Drives Up Gangnam Apartment Prices

Where Should One Invest: Developed or Emerging Markets?
Technology Creates the Foundation for Eternal Growth
As Knowledge and Technology Increase, Wealth Expands Explosively

How to Apply the 80/20 Rule to Investment
Can Pareto Optimality Be Accepted?
The World Follows the 80/20 Rule
How Should Real Estate Investors Respond?
How Should Stock Investors Respond?

What Is the Black Swan That Bankrupted a Nobel Laureate?
Why a Risk-Free Trade Ended in Bankruptcy
How to Make Money by Betting on Black Swans
Risk Is Greater Than Mathematical Probability

If You Want to Make Money, Invest in Innovative Companies
Creative Innovation Drives Economic Growth
The Genius Economist Who Predicted the Collapse of Capitalism
The Biggest Difference Between Marx and Schumpeter
What Investment Targets Does Schumpeter Point To?

Discard Intuition and Judge Dispassionately
How Do Investors Think?
How 'Fast Thinking' Leads to Wrong Decisions
Two Biases That Ruin Investments
Use Reason to Think Slowly

Chapter 6: Winning the Capitalism Game

The Rules of the Capitalism Game, the Basis of All Investment
Piketty's Three Ways to Reduce Inequality
Three More Realistic Proposals

To Survive, Learn the Rules of the Capitalism Game
The Birth of Exchange Rates When Gold-Backed Currency Disappeared
Which Will Fall First, the Value of Money or the Value of Real Estate?
Does More Debt Lead to More Money?
Don't Cling to Fake Money; Hold Real Money

Understanding Human Nature Reveals Where to Invest
Han Feizi, Who Knew How to Read the Way Money Moves
Humans Will Always Try to Embezzle Money if Given the Opportunity
Understanding Human Nature Is the Foundation of Investment

Should I Invest in Education or Real Estate to Pass Down as an Inheritance?
New Rich Around the World Save Money for Their Children's Education
House Price Differences by School District Are Greater in Developed Countries

How Does the US-China War Affect the Korean Market?
China Challenging US Hegemony
Why Did the US Allow China to Grow So Large?
How Is the US Pressuring China?
How Do US Demands and Chinese Defenses Clash?
How Will the US Strategy to Contain China End?
Which Side Should Korea Ally With for Advantage?

Conclusion
To Succeed in Investment, Overcome Primitive Instincts

References