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Text comes from the book: “More than money and greed: Kostolanys Notebook” (2016), published by Münchener Verlagsgruppe (MVG), reprinted with the kind permission of the publisher.

Here writes for you:

Alexander Vejnovic is an application photographer in Düsseldorf and has photographed among other things the REWE trainee campaign.

Understand finances and investments: More than money and greed

History has seen many speculative bubbles, economic crises and stock market crashes. Anyone who wants to understand the nature of the financial markets has to look behind the mechanism.

Just a collection of ideas and notes?

Often friends ask me how I have time to read books
and Article to write, to hold seminars and to give lectures in front of banks when I am constantly on the move. That
however, is not a problem, because what I have to do is that
think and think, I can do that anywhere, on the plane
or train, in the bath or rocking chair and especially during
i listen to music. The only important thing is that I get my ideas right away
make a note of it before continuing. The motto here could be: "That is how it is good, that is how it is right, no one's master, no one's servant!"

So this text is a collection of records on dozens of paper slips, restaurant bills, paper napkins, backs of tickets, etc., thoughts, ideas,
that suddenly shoot through my head. You often have with
Money to do with economic and political problems,
because I constantly analyze what is happening in the world and the
Weigh the pros and cons.

And who is the author? I don't know how to myself
should imagine and where my place is. An exact answer too
I find it very difficult to give.
I was born in a feudal country. There I have
also studied philosophy and art history at the University of Budapest. I had my first practice in finance in
Land of capitalism of the 19th century, at the Parisian
Stock exchange. I graduated from high school on Wall Street
the stronghold of modern capitalism. My status is
also a bit complex. I was born a Hungarian, citizen of
United States, Knight of the French Legion of Honor and
at home in ten cities today.

Look at the story

I speak different languages: with God
Hungarian, French with my friends, with mine
Students and readers German, with the bankers English and
with the ladies the language of flowers. My father was an industrialist in Budapest (would be 120 years old today), my mother was
very musical, a real esthete: she might have had a talent for painting and writing if she had
not exclusively dedicated to their children. I have
Brothers, a sister, cousins ​​and cousins, scattered in the
all over the world with which I am in more or less close contact.
Where is my seat? For the stock market professionals, I am a journalist,
on the stock market therefore only an outsider, in the best case one
Crackhead. Maybe (!), But so far a very good weirdo. I
was already a forex trader at the age of eleven
Times after the collapse of the Austro-Hungarian monarchy, when the successor states continuously stamped, re-stamped and re-stamped their inherited currencies and banknotes. In this
My first experiences were confused. My life is
so closely linked to the stock exchange for 60 years.

I survived earthquakes and floods in the financial markets
and, thanks to the stock exchange, could - if I wanted - turn me into one
retire comfortable retirement. (Then it would be today
this book is not in your hands.)
For my colleagues, however, I remain a journalist and not a stock market professional. And I'm proud of that too; because I think journalism is the most beautiful job.
The press establishment, on the other hand, has never recognized me as one
his accepted, at most as a "guest worker". Though
I have millions of readers and I fight with word and pen for the free economic system, against its pests
and sharks, but I did not receive an award for it. Well, at least I was a general 25 years ago
de Gaulle for my "journalistic activities" to knight the
Legion of Honor appointed. At that time I was a foreign policy commentator for the big daily Paris Presse.

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For their part, the bankers look at me with curious eyes
I do not mince my words when I am convinced that this has done harm to the general interest
will. Nonetheless, they invite me to lectures, too
which the audience flocks to.
The Professoren smile at my statements and
Theses, but still listen carefully to me
to mention the thousands of interested parties who attended my seminars or the students I lectured for at numerous universities. I admit that I look at it
never studied economics at university, but even more so
in the jungle, where I had to pay a lot more money. A
Luck (!), Because that way I always remained completely impartial in the case of objective analyzes.
Entrepreneurs and business people have to take stock once a year. I'll take stock of my life for the first time and ask myself: »Kosto,
what did you do right, what did you do wrong? "

From stock market professional to traveling preacher

If I had only remained a stock market professional, I would be in the today
elegant office of a Wall Street skyscraper, from one
Surrounded by a dozen telephones and computers, would have to be available to nervous customers for hours and watch the prices jump up or down by a quarter,
and therefore could not be clear in such a tumult
Look for the burning problems.
If I had become a journalist right after graduation,
a job that I appreciate so much and that is actually mine
Wish I hadn't had the experience for me
are worth tons of pure gold today. I would sit in an editorial office and report on topics that are only relevant to me
Fringe interests or of which I do not understand anything.
Had I chosen a university career, I might have been pinned to a chair in a small town instead of in
zooming around the world and meeting millions of people. My world is New York, London, Paris, Munich,
the Riviera and even Budapest. I would be a so-called
Economist, I would have to tremble whether a company
makes higher profits thanks to my advice.

No! I would rather be a hippie, a kind of traveling preacher, completely independent, who write and say everything
can do what he thinks is right, even if he sometimes has to step on someone's corns. “That’s how it is, that’s how it is
it is right, no one's master, no one's servant! ”For many I am
I am a clown because I have the courage to tell truth -
with a joke - which the prominent experts do not trust themselves to do.
Only one inner wound hurts me: that I am not a trained musician, but just a music fool, when the passion for music and art has often helped me in my considerations about the economy and even the stock market.
My notes and remarks are intended to be used by young stock market professionals, money changers and similar "rascals"
Vademecum serve. You should take the advice of an old colleague, one of the last of the Mohicans on the international
Stock exchange floor, heed. And they should all my readers
even if they have nothing to do with the stock market, have a pleasant conversation and give them some insights that have accumulated in my notebook over the years.

The portrait of Dorian Gray

“But let's be very
economical with it «Colleagues often ask me with a smile what I am doing with the
I give "many" money when they find out about my fees for various activities. Strangely no one asks me
what I do with the money of a lucky speculation,
where I may win ten times (but not earn). Money earned through work doesn't quite suit them
foolishly.
I have an authentic remark about this from an old man
Acquaintances one. He was a wealthy man, kind of old playboy. As a passionate fencer, he learned from one
Sports meeting know a young man whose fencing skills caught his eye. He asked him if he wasn't going to his house
want to come to a little fencing training.
"Mondays, for example?" - "No."
"Tuesday, Wednesday or Thursday?"
"No Neither."

"Why?" Was the astonished question.
"I'm working, Herr Hauptmann."
"Work? That can't be very good, ”admitted my friend
to answer.
The captain was a clever but funny guy.
When one day he told a young fencer out of sportiness
"You" was the young man's reply:
"Thank you, Herr Hauptmann."
Whereupon the old man immediately remarked: "But let's be very economical with it."
Cogito, ergo sum ...
"Cogito, ergo sum homo speculator."
I am a speculator. Is that a job? No, it's a fate. I am on a large parachute by chance
Stock exchange, the Parisian BOURSE, landed. Coincidence or destiny?
My sponsor: Monsieur Alexander K.
My father met one in Paris in the early 20s
former schoolmate from Budapest, Monsieur Alexander
K., not only a multimillionaire, but also a very big one
Makers on the Paris financial market. When they talked about the old days, my father talked about his family and said that his youngest boy, little André, was still
study philosophy at the University of Budapest. "Which
Nonsense, "was Alexander's reaction," he might want
become a poet? Send him to me in Paris, that will be for
be a better school for him. "

The main thing is to get into debt

And with that, Alexander gave my father the second big tip. The first was of a completely different nature: speculation on the fall of the French franc. One
surefire thing in the opinion of all well-informed financial circles. Today I can say with the greatest certainty that the second tip was the good one.
But the first tip is also a more detailed explanation
worthy; because the events surrounding this gigantic franc speculation in the 20s could, 55 years later, be a living example for me, my students and my readers,
how the speculators imagine the course of things and
how they actually arrive: black clouds were moving
at that time over all of Central Europe, the German Reich and all neighboring states of the Austro-Hungarian monarchy, which after the
lost world war shattered into chaos.

Inflation without production, poverty, unemployment, queues in front of the grocery stores ..., the printing press ran day and night,
the currencies were in the cellar, the prices rose by the hour
About the hour: A pair of trousers that had cost 50000 marks that morning was priced at 100000 in the afternoon. I was on a study trip in Germany
traveled to numerous cities and lived on a dollar a day,
because the dollar was king. Everything revolved around the American currency and in Budapest there was only one talk of the day: the exchange rate of the dollar.
Some inflation speculators made millions, billions even (in paper money, of course!) Because they bought anything, no matter
whether rows of houses or ten wagons toothbrushes, as long as
they could be acquired on credit. Going into debt was the command for anyone who was just a little enterprising. What came after is worthy of a pragmatic study of history. You could think of the reasons
and discuss responsibility for hours, the consequences of which led to the greatest catastrophe in world history: Hitler.

The Castiglioni – Mannheimer tandem

But let's stay in the 20s. After the fall of the currencies of the central powers, speculators smelled a new roast: the collapse of the
french franc. As I said, a surefire thing. France had won the war, but was bleeding to death
but with it: Millions of dead, numerous devastated cities, the
State finances in total chaos. A daring German
Speculator, the Stuttgart Dr. Fritz Mannheimer, was then
the largest banker in Europe, head of the Mendelsohn family
and Co. in Amsterdam and partner of the old Berlin patrician company Mendelsohn and Co.
He was at a great festival in Vienna by the king of the
Inflation speculators, Camillo Castiglioni, the "Austrian Stinnes," as he was called, invited.

Castiglioni
(Son of the Chief Rabbi of Trieste and former salesman
at the tire company Semperit) had after billions in profits from the Austrian inflation now the fixed idea, the
French francs must, as before, the mark and the
Currencies of the Austro-Hungarian monarchy, also plunge into the basement. He succeeded in convincing Fritz Mannheimer of the correctness of his view and with him and a few other bankers and speculators from Vienna and Amsterdam
To form a syndicate to discredit the French franc in all financial centers with the help of the specialist press and
to attack.

How to survive a stock market crash

The rate of the franc fell ever lower ...
What does it mean to attack a currency? Obtaining huge loans in the currency in question and then transferring these amounts to all financial centers, such as London, Zurich,
Amsterdam, etc., to offer - if possible with a lot of fanfare, newspaper articles, word of mouth, etc. ...?
The currency initially (only) slowly slides into the depths,
the decline spreads pessimism among the audience.
And through a chain reaction, fear grips it
and throws - as in this case - his franc balances over
Board. The debtors can then, with the help of the panic that is caused, buy in the francs owed at a low rate.
Exactly the same approach, or one could also say the same tactics as were used in the late 70s and early 80s
the weak Carter administration on the dollar.
The Castiglioni – Mannheimer tandem was extremely successful. The franc fell steadily lower, accompanied by the
Franc sales of all speculators in Europe, and Castiglioni
got richer and richer. In order to also say something good about the former Semperit salesman, I would like to say
that he has done a lot for cultural life. He financed
for example Max Reinhardt, the greatest theater man of those
Time and founder of the Salzburg Festival. (The former
Inflation wounds have healed well today, but the festival
are still thriving.)
Well, the franc slipped lower and lower, because the French government also did its part to increase confidence
was completely lost in their own currency. One government
one after the other, the franc fell with them. I still remember the atmosphere in France as if it were
been yesterday.

In 1926 the left-wing coalition under Eduard Herriot, the pro-German politician, mayor and Lyon, music and Beethoven researcher, won the elections. His finance minister, Anatole de Monzie, a brilliant intellectual
(whom I later knew well personally) began his speech in Parliament with the following words: “Gentlemen, the coffers
are empty…!"
Great shock in Parliament and throughout the country. The franc fell to a new low and with it
the government. Demonstrations against the parliament,
great hatred of foreigners (as is so often the case in French history): »Here the strangers come and eat our bread
on «, that's an old song. The tourist buses were thrown at
Stones and smashed the windows of the cinemas showing foreign films. The panic was there and the franc was down
dying.

Poincaré, the savior

And suddenly something happened that all currency traders
whom I like to call "currency freaks" should always keep in mind. the
News came from the Elysée Palace: Raymond Poincaré accepted to become Prime Minister and Minister of Finance at the same time. The trend in the foreign exchange market struck
from one minute to the next, because Poincaré was at the
Became a symbol of French patriotism and all virtues. Certainly he wasn't overly clever
Man, a dry lawyer, but with integrity, puritanical and a
ardent patriot, by the way stubborn like every Lorraine. He was
the President of the Republic during the World War, a passionate enemy of Germany (that was one of the French virtues at the time), and what is even more important
was, he got the approval of the New York banking house John P. Morgan immediately for a loan of 100 million dollars.

As if under a magic wand, everything was transformed in the blink of an eye. This time the bear market speculators got hit
in panic, wanted to buy back the owed francs quickly, because everyone owed as much francs as he did
could. (A friend of mine owed millions on a china factory. Why? Because this factory was open
Credit was available.) The franc climbed higher and higher and
Foreign stocks (gold mines, oil stocks, etc.) were sold on the stock exchange because of the massive sales orders
no longer write down at all. There were only sales orders, since all speculators - small or large - from all over Europe had bought foreign securities for francs on credit. And now everyone wanted to get rid of them.

Thousands
of speculators went bankrupt and even some large French companies (department stores, export companies ...) got into financial difficulties because they owed hundreds of millions of francs. The French franc rose
by 100 percent within a year and the French central bank even had to deny it because of export considerations
Keep the exchange rate "low" artificially. In French financial history, this episode remained under the name of the
"Marne Battle of the French Franc" in memory.
All of Vienna, half of Prague and Budapest as well as Amsterdam were bankrupt. My father had to take losses too,
but these were, as I reported, by the second
Tip amply compensated. I came to Paris to see Alexander
as an apprentice and to the stock market, where I do my crucial
Years of apprenticeship spent.

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