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And Hesiod is fully aware of this social mission. This is the first passage in European literature in which a poet directly is mentioned. To say that the Muses inspire a poet is a metaphor for us, but for ancient peoples it was a proper expression. Homer also means it thus when he is addressing the Muses But in Hesiod this saying becomes a descriptive and dramatic expression: we see Hesiod.

Thersites in the Iliad was maltreated by Odysseus because he spoke without having the sceptre. Of ail the Muses Calliope stands more obviously than any of the others for the two- fold gift, that of poetry and the dispensation of justice cf. So Hesiod founds mythologically and philosophically, though with tradi- tional material, his mission as a poet. In the proem of the Works and Days Hesiod says that with the Muses' inspiration and under Zeus' omnipotence he will say the truth to Perses.

Furth- ermore, Hesiod's claim about his inspiration Th. Throughout the Works and Days the matter at issue is how the farmer can become rich with the further point of being freed economically and politically from the nobles. And this message is presented in a skillful way: by means of on the one.

Hesiod keeps in mind the taie of the five races; Perses and everybody else belongs to the race coming from Zeus but also to the vivid reality of the fifth race and so he has to work. In fact they de- velop vv. Hunger is a good comrade for the idle. But you must order your work properly , that your barns may be full of goods in the right season.

Men be- come rich through work. The man who works is loved by the gods. An evil shame is the needy man's com- panion; shame harms or prospers a man; shame is connected with property, confidence with wealth The comparison with the drones has been used in the Theogony, too ff. But there women are compared with the drones, because they eat men's labour And though the above ideas appear to us almost obvious, some of them are revolutionary for the poet's epoch.

Earning a Hvelihood by work is an almost obvious necessity, since mankind has been established in a permanent place, but when the poet claims, regarding one's own work,. The paradisial time without work has been inevitably lost, but at least let freedom not be lost. Labour is a means of wealth and freedom of the class that Hesiod is addres- sing. Furthermore, to say that. So he suggests what in fact took place about a century later and regarding which Theognis protested so strongly.

That is, Hesiod counsels his audience to obtain wealth so as to obtain what those who were rich enjoyed, a social and political standing. The shame which people think of as virtue v. Confidence is virtue because it goes with wealth v. First, one may extend one's estate by buying another man's lot Op.

Though this passage is connected with piety and also it is controversial it is very important It appears that in a wider climate of social rearrange-. Hesiod has realized the new possibilities and taught his audience to exploit them in order to be freed from social and political exploitation. Another way of making wealth is hoarding Op. But a bet- ter way is the increase of productivity by intensive labour.

This principle is applied to ail kinds of jobs: Perses and everybody else must do job after job and must do each stage of a job upon the previous one. Finally, passing to the particular advice on each stage of agricultural work, which includes ail the farmers' calendar, and stressing once more the necessity for work Op. Animal-farming is not mentioned in the Works and Days but is legislated for in the Theogony. Once in the Works and Days the man who is rich is called 'rich in flocks' ; cf.

Hesiod himself was a shepherd. Eventhough Hesiod does not in particular favour sailing it is the second kind of work about which he has to say a great deal In Homer trade appears to be operated by the Phoenicians. The people who participated in colonization were mainly of middle or poor status with nobles as leaders. Hesiod's father himself came from Cyme in Asia Minor to Boeotia driven by poverty as the poet informs us Op.

Trade was both a cause and a resuit of colonization. There is no money, and it is doubtful whether coins were minted because of this trade. The reason for ail this is to make as much profit as possible. So there is nothing new to be shared. The next small section, containing some social and religious command- ments, suggest how one can prosper in other ways besides through labour And the last means of becoming prosperous is the 'days', namely the time at which one must perform certain actions. This part of the poem accounts for the poem the second part of the title Seen under this angle the Works and Days not only does not lack unity but also it is very tight.

Every section follows the previous one in such a way as if it were to be necessarily so The period from the eighth to the sixth century is characterized by the rise and ascendency of local aristocracies. But on the other hand there was opposition from the side of the lower classes against the arbitrariness of the nobility.

The man of 'today' has lost his paradise. But at least he has won civilization, not only the technical one symbolized by Prometheus' fire, but also the philosophical mind allowing him to live recognizing his rights, in contrast to the animais Op. Hesiod advises people of his class to earn wealth. To that end justice, which protects man from unjust wealth and civil wars, and labour, and especially the increase of agricultural production with well-ordered and proper work - improvement of technological equipment is not understood - also animal farming, sailing and trade and the observation of certain commandments, are the means of making wealth.

And this is the 'half which is better and more than the irrevocably lost whole. Kleomenes, the king of Sparta, called Homer the poet of the Lacedaimonians and Hesiod the poet of the helots, because the former teachers how one must fight and the latter how one must cultivate the land Plut.

When also Heracleitus called Hesiod teacher of many people 57D-K; cf. And history was on Hesiod's side.

Labor Militancy, Recession, and Recovery

In the next century the condition of the oppressed farmer in Attica reached such a point that during the local upheavals Solon legislated what for Hesiod was only a vision. The tempest from the accumulation of injustice burst out indeed Op. So Hesiod becomes not only the first individual author, before Archilochus, but also the first political thinker in ancient Greek literature, and with his cosmic, social and political System becomes the first 'presocjatic philosopher'. I acknowledge with gratitude the encouragement of Dr.

Gossage in preparing this paper and his suggestions for its improvement; he of course carries no responsibility for whatever blemishes remain. Dindorfii, Scholia Graeca in Homeri Odysseam, tom. See also M. West, Hesiod Theogony, Oxford, ad loc. See LSJ ; J.

See also Hesychius s. Thomson, The First Philosophers, London, , pp. Palmer, Mycenaeans and Minoans, London, , pp. Guthrie, The Greeks and their Gods, London, , p. Isidore of Pelusium Ep. Willets, Blind Wealth and Aristophanes, Inaug. Besides M. West, Hesiod Theogony, pp. Contra J. Willis, Oxford, , pp. See J.

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Vernant, Myth and Society in Ancient Greece, transi. Lloyd, N. Jersey, , pp. Georgoudi, Athens, , pp. Press, , p. See e. West, Hesiod, Works and Days, Oxford , pp. Bal- dry and T. Griffiths's controversy over the invention of five races ; P. Walcot, Envy and the Greeks, Warminster, ; E. Lloyd-Jones, The Justice of Zeus, pp. Myres OR 51, , pp. On the taie of the hawk and nightingale and dike see: M.

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Ford, Jr. Frisch, Might and Right in Antiquity, transi. Martindale, Copenhangen, , p. Jensen, art. See esp. Chantraine, Dict. Langue Grecque I, Paris, , s. Seligman , The "apeiron ' of Anaximander ; a Study in the origin and function of metaphysical ideas Westport, , p. Cornford, Principium Sapientiae Cambridge , pp.

See also Xen. Very contrarian view to what you'll read in typical investment books and magazines. Nov 25, Sean Goh rated it really liked it. TL;DR: -Investing should not be 'fun' or 'enjoyable'. Spend your money on skydiving if that is what you want. It is NOT to strike it multi-millionaire rich. Legislation that favours borrowers over creditors makes the latter less liable to lend, ultimately causing more harm than good to t TL;DR: -Investing should not be 'fun' or 'enjoyable'. Legislation that favours borrowers over creditors makes the latter less liable to lend, ultimately causing more harm than good to the borrower.

This is the trade-off of bankruptcy law. During times of great social, political and military turbulence, the prices of both stocks and bonds usually decline precipitously. Most often, this sets the stage for high future returns. Less frequently, the losses can be permanent and total.

Investment wisdom begins with the realisation that long-term returns are the only returns that matter. The single most reliable indicator of fraud is the promise of high returns with low risk. Investors cannot earn high returns without occasionally bearing great loss. If the investor desires safety, then they are doomed to receive low returns. Do not trust historical data, especially recent data, to estimate the returns of stocks and bonds.

The Gordon equation is simply adding the dividend rate to the growth rate. Home ownership is not an investment. It is the exact opposite, a consumption item. After taking into consideration maintenance costs and taxes, you are often better off renting. If the own-to-rent ratio exceeds 20, it is a warning that housing prices are becoming excessive. One of the dumbest things any investor can do is to own stock in the company they work for, since you can lose both a job and a portfolio simultaneously.

Trading individual stocks is like playing tennis against an invisible opponent, what you don't realise is that you are volleying with the Williams sisters. In the long run, the advantages of the indexed and passive approaches over traditional active stock-picking are nearly insurmountable. Performance comes and goes, but for active mutual fund managers and their clients, expenses are forever. If you cannot save, don't waste your time on this book. The definition of investment is deferring current consumption for future consumption.

If you cannot defer current consumption, you WILL die poor, even if you possess Warren-Buffett-like investment acumen. For money needed in less than five years, the play book is thin. Keep such funds in the safest, short duration vehicles as possible, such as high grade short term bonds and CDs.

If you decide to buy bonds or a bond fund, make sure the average maturity is less than the time horizon of the savings. The elderly recognised the pessimism and low equity prices from their depression-era youth and understood fully what they meant - high returns ahead.


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Long and deep market declines are wasted on the young. They should be invested heavily in equities, but are too frightened by their first encounter with the bear to buy. The essence of portfolio construction: selecting assets that occasionally move in different directions lowers risk, and if the investor is lucky, even raises returns because of the rebalancing process.


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  • Tiger got to hunt, Bird got to fly. Man have to ask 'Why, why, why? The trouble is, in the world of finance things get complicated quickly. IPOs are the investment equivalent of the lottery ticket, with high entertainment values and low investment returns. The most obscure companies in the most unglamorous businesses often have the highest returns.

    The 'celebrity physician' equivalent of the investment world is the hedge fund. If its excitement you seek, take up bungee jumping. If you want to be entertained go to New York for a month's worth of Broadway shows. Never forget that the market is a mechanism designed to humiliate the maximum number of its participants. Never forget John Templeton's warning that the four most expensive words in the English language are "This time it's different. Unlike your doctor, lawyer or accountant, your broker is not a fiduciary.

    That is, he is under no legal obligation to place your interests above his own. The most important financial bequest to your heirs will not be cold hard cash, but rather the ability to save, spend and invest prudently. Inform your children that when their friends' parents seem to have more money than you do, that all you can be sure of is that they have SPENT more money than you have. Beware that financial stability of the insurers themselves is not a sure thing.

    Dec 26, Michael Culbertson rated it really liked it Shelves: nonfiction. Bernstein advocates for simple, unglamorous investing: "The name of the game is not to get rich, but rather to avoid dying poor. In fact, if you follow the advice in this book, I can guarantee A good description of basic investment strategy, written in a familiar, mildly humorous style.

    In fact, if you follow the advice in this book, I can guarantee you that you will not get fabulously wealthy. Rather, I've striven to simultaneously maximize your chances of a comfortable retirement and minimize your chances of living out your final years in poverty. I know of no more laudable or more worthy investment goal.

    Aug 17, David rated it really liked it. Everybody writes it as though it's contrarian, though, so there must be someone somewhere advocating that you get started late, save only as much as you feel you can easily afford, teach your kids YOLO so spend it all now, troll the internet for stock tips, etc. My only quibble with the blanket advice to get index funds is that it ignores social screening.

    I might be able to make money owning stock in cigarette companies, for instance, but I'd prefer not to. Sep 14, Delany rated it it was amazing. Everyone should read this. Do you have a "financial advisor"? Did you know that research demonstrates that you can invest your own money without a lot of hassle, and get better results than you would if you had a "financial advisor" doing it for you?

    Read this book. Jul 27, Jenny rated it liked it. Very good book. My only complaint is how American it is. Ask the realtor how much it would reasonably rent for, multiply that number by of months in You are engaged in a life-and-death struggle with the financial services industry. Every dollar in fees, expenses, and spreads you pay them comes directly out of your pocket. If you act on the assumption that every broker, insurance salesman, mutual fund salesperson, and financial advisor you encounter is a hardened criminal, you will do just fine.

    Invest, if you can, only with nonprofit mutual fund companies. If you must work with profit-making entities, they should be privately owned. If forced to work with a financial services company that belongs to a publically traded parent, buy only those products that come with the lowest expenses and turnover, which usually means ETFs.

    The Gordon Equation is important - but I can't quite grasp it: for stocks, you add the dividend yield of the market to its expected per-share growth rate; for bonds, subtract the default rate from the interest rate. Feb 28, Joshua Persellin rated it it was amazing. Bernstein, is intellectually challenging, while still making sense and captivating the reader. In this book, Bernstein not only outlines the fundamental principles of finance, but also gives a brief financial history so trends in the market are better understood. I believe that William Bernstein wrote this book as not only a prerequisite to more advanced finance books, he also offers a chance for young readers, such as myself, a book that cont I think that The Investor's Manifesto, by William J.

    I believe that William Bernstein wrote this book as not only a prerequisite to more advanced finance books, he also offers a chance for young readers, such as myself, a book that contains simpler text. Throughout the short, page book that is The Investor's Manifesto, there are many terms and theories that I either learned for the first time or was able to truly grasp to a full extent. A select few of these include risk premium and its effects on the return rate of your stocks and bonds, dividend yield, and the formula for calculating an expected return rate. Overall, I would recommend this book to anyone high school or above who is interested in the basics of finance.

    Feb 06, Shane rated it really liked it.

    Hesiod's treatment of wealth - Persée

    This book is intended primarily for relative novices to investing and serves well in that regard. It may also be useful to more experienced investors without economics degrees that want a refresher of with Bernstein's earlier works, as well as the works he cites Fama, French, Bogle, Zweig, etc.

    I would recommend this book to anyone getting started in investing, whether overconfident or overwhelmed, to help avoid the most common pitfalls and fallacies, and to keep their eyes on the prize. The This book is intended primarily for relative novices to investing and serves well in that regard. The biggest message I took from the book is the one that I haven't seen elsewhere: the goal of retirement investing is not to be rich, but to avoid being poor when you are old.

    The only immediate issue I have is with the title: the book says nothing about preparing for a true armageddon. Several years supply of water, food, ammunition, and a bunker in a relatively rural area would be a start. Jan 16, Gary rated it really liked it Shelves: finance. Among the top tier books in how to invest from the early earning days through retirement. Based on solid economic theory of the Efficient Market Hypothesis, asset allocation using low cost index funds is a proven way to accumulate savings when compared to all other methods. Regardless of your financial perspective that is to say you believe you are the next Warren Buffet , this is an important personal finance book to read and understand.

    It's very easy reading, approachable and well thought ou Among the top tier books in how to invest from the early earning days through retirement. It's very easy reading, approachable and well thought out. As with all books on detailed financial planning, things change over time such as state tax laws, IRA regulations, new discoveries in financial planning so it's important to ensure you are reading relatively recent books on this topic. This is a re-read of the book for me. Oct 31, Anthony LaRosa rated it it was amazing. So, so, SO well-structured. It really builds your knowledge of investing from the ground up, beginning with the history of finance i.

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    The language and concepts were accessible, and the more complicated math was visually isolated and thereby easy to tune out. Though his pragmatism could seem gloomy "if you follow the advice in this book, I can guarantee that you will not get So, so, SO well-structured. Though his pragmatism could seem gloomy "if you follow the advice in this book, I can guarantee that you will not get fabulously wealthy" , I ended up feeling more confident in the future than anything else.

    The end-of-chapter summaries were super helpful for retention; definitely going to re-read them and take notes. Shelves: s , non-fiction. A mix of repetitive investment ra-ra and dense mathematical descriptions. The latter are rushed, the author is worried about losing his readers - but it's precisely there that he has to take more time. The neuro investing section was unreadable. Here are some questions that I wish were answered: 1 more discussion of tax law, for example: can I buy California and not pay tax?

    State tax? What about federal - and do I have to be a resident? Jan 24, Kathryn McNeil rated it it was amazing. I actually didn't really like this, but that's my problem, not the book's. I didn't read this for pleasure so it was suuuper hard to pay attention to at times, but it was well written, had humor, and above all, I know a lot more about investing than I did when I started it.

    It gives great tips for all age groups and honest suggestions on how to invest wisely. Apr 10, Tyler rated it really liked it. If this is the first investing book you have ever read, you may find this incredibility insightful and a game changer. If you have been around the block a few times, much of this book will rehash topics others have written about at length.

    Overall this is well written, organized, and worth the read to validate commonly pronounced best practices of investing. Dec 29, Diana added it.