How do people operate in an ancient commodity market, and how does this compare with the harsh world of corporate finance? These were some of the questions that set young economist Conor Woodman out on his adventure that is described in his book The Adventure Capitalist: Camels, Carpets and Coffee: How Face-to-Face Trade is the New Economics. The task he set himself involved travelling round the world trading goods, with the aim of increasing an initial cash pool of £25,000 to £50,000.
The trades which the author attempts include buying and selling a carpet in Marrakech, trading camels in Sudan, buying coffee in Zambia and selling it in South Africa, buying chilli sauce in South Africa and selling it in India, buying wine in South Africa and selling it in China, trading horses in Kyrgyzstan, buying jade in China for sale in Taiwan, buying surfboards in China for sale in Mexico, buying tea in Taiwan for sale in Japan, buying tequila in Mexico for sale in Brazil, and buying FSC-certified wood in Brazil for sale in England.
There are plenty of adventures along the way, and at each stop we get to learn a bit about a country and how the often ancient markets work. The author succeeds in demonstrating that there is still money to be made from purchasing commodities in one country and selling them in another, provided that the trader is prepared to assume substantial risks and take a firm negotiating stance. I thoroughly enjoyed the book, although I suspect that not many readers will be giving up their day jobs to become international commodity traders.