It has never seemed so easy to make a million. In the 1990s, it became possible to do so by answering 15 general knowledge questions correctly or by picking six numbers in the National Lottery. And for a brief moment in late 1999 and early 2000, it seemed possible to make a million by setting up, working for, or even investing in an Internet company.
This book examines the immense cultural changes that lie behind these changes. Government restrictions on gambling and TV quiz show prizes have been swept away. The growth of venture capital and share options have vastly increased the attractiveness of establishing, and working for, new businesses.
But it also warns of the dangers when investors treat the stock market as a slightly more complex version of the National Lottery. Fortunes were made and lost as companies with no profits and uncertain futures saw their share prices soar and then collapse. First-time investors were encouraged into the stock market by the government and by the financial services industry but were thrown in at the deep end--with only some dubious newspaper and Internet bulletin board tips to guide them. It is a cautionary tale of greed and delusion--how the pursuit of easy money led many Britons astray. Millions were made--but largely at the expense of small investors who were lured by the Internet's promise into buying at the top.
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