title: The Philosophical Investor: Transforming Wisdom into Wealth
author:  Gary Carmell 
description: "<i>The Philosophical Investor</i>does a good job with some important topics: detecting patterns in events, controlling emotion, and recognizing the special moments that make for an exceptional investing record. It's well worth reading." -- HOWARD MARKS, Co-chairman, Oaktree Capital Management<br /><br />"<i>The Philosophical Investor</i>is a fascinating read reminiscent of both<i>Fooled by Randomness</i>and<i>The Big Short</i>in its discussion of the prerequisite ability of successful investors to recognize, avoid, and take risks that the crowd does not perceive. The track record of Carmell and his partners in building their firm is almost as enviable as the author's ability to describe the tenets of successful investing with wit and insight." -- HUGH FRATER, Chairman, Berkadia<br /><br />
zlib_text: ![](Images/cover00118.jpeg)
  
  **Table of Contents**
  
    
  
  _Praise_
  
   _Title Page_
  
   _Copyright Page_
  
   _The Great Seduction_
  
   _Introduction_
  
  > Growing Up
  
  > No Idle Hands
  
  > Blair Academy: “Come, Study, Learn”
  
  > Acres of Diamonds
  
  > Coming to Philadelphia
  
  > At Princeton, a Discovery
  
  > A Door Slams; a Window Opens
  
  > Complications
  
  > A Complete Firm Emerges
  
  > A Stunning Endorsement from the Court of Last Resort
  
  > A Change of Heart
  
  > Treasures False and True
  
  > Socrates’ Challenge
  
    
  
  MONEY
  
    
  
  Chapter 1 - Too Much Cost, Not Enough Value
  
    
  
  > A Prophetic Forecast
  
  > Wresting a Living from Finance
  
  > Fortunes from Failure
  
  > Heads I Win; Tails You Lose
  
  > Brain Drain
  
  > The Drain of Costs and Taxes
  
  > The Wrong Kind of Wizardry
  
  > Costs Rear Their Ugly Head
  
  > Investors Get Precisely What They Don’t Pay For
  
  > A Question So Important
  
    
  
  Chapter 2 - Too Much Speculation, Not Enough Investment
  
    
  
  > A Giant Distraction
  
  > A Loser’s Game
  
  > Speculation Is in the Driver’s Seat
  
  >