Investing is all about money. As money buys time and time is money, it is about understanding the time value of money and staying on the receiving end of money flows. But what is money? The Ascent of Money by Niall Ferguson is a great book for those who want to learn more about money and the history of money. Money, in its different forms, be it sea shells, precious metals or signed paper bank notes, is a promise: its value based on trust. If I accept to receive as payment a seashell against the mammoth I just killed, it is because I trust that when I need to buy a mammoth myself, the same shell will be accepted and be seen as worth it. In that sense, money is a form of credit. Money is both a means of exchange and a store of value. In a fiat currency (paper/digital money) system (the current system), the currency in which the investor operates is what is determining his or her purchasing power and the time value of money that will ultimately determine the value of his or
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