The first book describing stock markets is sold for $ 300,000

On Tuesday, the first written book in the world describing a stock market was launched on an online auction by Sotheby's Rare Books and Manuscripts. The book's value ranges from $ 200,000 to $ 300,000. It was written by Joseph Penso de la Vega in 1688 and was called The Confusion of Confusions by describing the Amsterdam Stock Exchange, which was created by The Dutch East India Company in 1602. The bidding will end on 17.12.2018.

Vega, a Sephardic Jew who migrated from Spain to Amsterdam, wrote the book in Spanish and described the mechanisms of the exchange. Describes including put, calls, pools, and manipulations in addition to its full investment advice.

In the preface of the book, Vega wishes to dispel any possible confusion about the stock exchange, adding that he would like to give some signals to the attention of readers about the less honest practices that have taken place. He also adds that the book was written for his pleasure.

Selby Kifler, an international Sotheby's senior specialist, says "Vega was not exactly a trader, but he traded sometimes and spent some time on the trading floor."

Vega has tried to describe the market as a place for fair deals and ethical business, but warns readers from being kept by existing people who seek to take advantage of them. The text is written as a series of dialogues between a philosopher, merchant, and shareholder.

The four principles Vega exposes in its book are fully applicable to a trader - an amateur today:

• Never advise several about buying or selling, nor accept one. The chance to confuse is great.
• Collect any winnings at the earliest opportunity without regretting any missed other benefits or profits. Ie. do not punish yourself because you have not seized the full potential of the deal.
• The profits made on the stock exchange are the treasure of the goblins, which means that today's profit may be a loss tomorrow.
• Finally, one who really wants to succeed as a trader must have patience and money.

"I think the book was written for a practical purpose." - says Kiffler. "It was not written as a scientific work but rather as a book for everyday use."

Despite its wisdom and knowledge and its historical significance, the book remains undiscovered until the end of the nineteenth century, when it was first circulated by German economists and then Danish. The first translation to English was in 1959. Today, a reissued copy with a hardcover of $ 30 is also being sold.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.

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