FLEECING THE LAMB: THE INSIDE STORY OF THE VANCOUVER STOCK EXCHANGE. Cruise, David and Alison Griffiths. Vancouver, Douglas & McIntyre, 1987. 278pp, cloth, $24.95, ISBN 0-88894-558-2. CIP Grades 10 and up Reviewed by John D. Crawford Volume 16 Number 4 1988 July This book puts the history of the Vancouver Stock Exchange in the tradition of the Wild West. Although such a tradition in the Vancouver Stock Exchange does not seem unlikely in the early part of this century, the continued existence of such an attitude in the well-organized and regulated modern business world seems incongruous. The authors succeed to a large extent in dispelling this illusion of order in today's stock exchanges. This historical development of the Vancouver Stock Exchange is well detailed. The principal characters are outlined in a series of mini-biographies that reveal a variety of human weaknesses and strengths. The exploits are portrayed in anecdotal fashion; this treatment tends to underline the exciting episodes and gloss over the hard work necessary to successful investment. What are the lessons provided by this book? In the first place, the saying caveat emptor is emphasized. Many investors are not aware of how heavily they are handicapped. This racing term reminds us that some forms of investment are little different from gambling. This particularly applies to investing through the Vancouver Stock Exchange, which has a high proportion of speculative stocks reflecting in part an emphasis on mining operations in British Columbia. I would recommend this book for those individuals and institutions with an interest in the business history of British Columbia or in the development of stock exchanges. John D. Crawford, Blanshard School, Victoria, B.C.