Books

Fifth edition. 12mo. xxviii, 211, [1, publisher's advertisements] pp., folding letterpress table at rear, woodcut head and tail pieces throughout. Contemporary quarter calf with marbled paper covered boards, spine with five raised bands outlined in blind, manuscript paper label to second panel (neat book label of 'John Tutin' to front pastedown, a few manuscript annotations to the table of contents on pp. xxv-vii in an early hand, just a hint of occasional faint spotting, contents otherwise generally clean; light surface wear to boards, corners gently bumped, notwithstanding an excellent copy). London, S. Hooper. The fifth edition, expanded from the exceedingly rare first edition of 1761, of what is generally considered the first guide to the stock exchange, based on the author's own experience of losing 'a genteel fortune' in 1756. Thomas Mortimer (1730-1810) was one of the earliest experts on the operation of the stock exchange established in the coffee-house of London's Change Alley. Every Man his Own Broker is a practical guide for would-be speculators, warning about the dangers of getting involved with brokers and offering insight into the financial world of mid-eighteenth century London. Mortimer was the first to write about the terms 'bear' and 'bull' markets. The book proved popular, with fourteen editions published within forty years.

A classic financial guide aimed at helping individuals navigate the stock market independently, without relying on professional brokers. At a time when financial markets were expanding and public interest in investing was growing, particularly in London's stock exchange, Mortimer's book became popular. The book offers practical advice on how to buy and sell stocks, avoid common mistakes, and understand the stock exchange's basic workings. Mortimer's goal was to educate everyday people on how to engage in trading without falling into the traps of brokers' commissions and potential manipulation. The language and explanations are accessible, designed for those with no prior knowledge of financial markets. Mortimer discusses essential concepts like market fluctuations, speculation, and even insider trading, issues still relevant in today's markets. A central theme of the book is Mortimer's criticism of brokers. He accuses many brokers of using unethical practices to benefit themselves rather than their clients. As a result, he advocates for individuals to take control of their own investments, educating themselves on market operations so that they don't have to rely on professionals whose interests may not align with their own. Although the book is over 250 years old, it provides a historical perspective on the development of financial markets and some timeless lessons on investing. While the specific advice may no longer apply to today's highly regulated and complex financial world, the core message of being skeptical of intermediaries and the importance of financial self-education is still relevant. For those interested in the history of finance, *Every Man His Own Broker* offers a unique insight into the early days of stock trading. For modern investors, it serves as a reminder of the importance of personal financial literacy and the enduring challenges faced by individuals trying to navigate the complexities of the market.