Bruce Page (1936–2022)

In the early 1950s, two British intelligence agents defected to the Soviet Union, throwing suspicion on one of Britain's highest-placed intelligence officers, Kim Philby, whom many thought to have warned the defectors of their imminent arrest. But Philby was cleared, and it was not until several years later that he himself defected and the world learned the scope o the greatest disaster and embarrassment in the history of British national intelligence. Philby and the two other agents (Guy Burgess and Donald Maclean) had been fellow students at Cambridge and had there been recruited by the Soviets. Though each man was bedeviled by alcoholism, they all three rose to positions of prominence in the intelligence service, and all three cost England and the United States badly in terms of information and the lives of agents. This book, written not long after Philby's defection, was published before the full extent of the double-agent ring was known and the British government further humiliated. But it covers the lives of all three spies most effectively, and the story is richly detailed (despite the difficulties of researching the secret world of intelligence and counter-intelligence). This is a fascinating read.… (more)

The authors provide a great account of the rise and fall of Investors Overseas Services (IOS) from its involvement in the first mutual funds of the early 1960's to its eventual bankruptcy in the early 1970's. As they say, "The real lesson of the IOS story is an old one: it is that human communication is so fragile that a man can put out whatever propaganda he likes in his own interest and be sure that enough of it will be believed to make his fortune."

IOS was essentially Bernie Cornfeld and Edward Cowett using Cornfeld's sales line that they were the first to provide top class investment advice to the small man. The IOS funds used a committed and well paid international sales force to market this concept and it was the cost of this along with desperate performance chasing investments that eventually sank them.

This is one of my favourite books and just as enjoyable as Eichenwald's "Conspiracy of Fools" (Enron story) for the high quality research and stranger than fiction main characters.… (more)