Free Ebook , by Daniel R. Solin
Free Ebook , by Daniel R. Solin
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, by Daniel R. Solin
Free Ebook , by Daniel R. Solin
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Product details
File Size: 1779 KB
Print Length: 192 pages
Publisher: TarcherPerigee (December 23, 2009)
Publication Date: December 23, 2009
Sold by: Penguin Group (USA) LLC
Language: English
ASIN: B00389UV5E
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Amazon Best Sellers Rank:
#169,370 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
It's not really the smarted investment book you will ever read, because if you have read any other investment books they all say similar things. e.g. brokers are paid on commission and want your money. Active mutual funds are a waste of money, etc...It then recommends investing thus guaranteeing that you will get market returns.This completely ignores two issues.A. People can consistently beat the index if they are willing to work for it. In a very accessible way such as "The little book that beats the market" or in a very professional way such as "Market Wizards".B. Just because you are getting the market return, doesn't mean that this will be a good return. First he tells us to ignore mutual fund past performance as it does not guarantee future returns(good), but then tells us that the stock market had good returns over the last 100 years. The fact is you are still buying something, and your return is still predicated by how much you paid for it(and how much you sell it for, the yield and taxes). His main argument is that there are many people doing indexing and many smart people doing indexing.This is not convincing as you see exceptions in the market all the time. e.g.“We’ve never had a decline in house prices on a nationwide basis.†-Ben Bernanke, July 2005Furthermore those same smart people have similar incentives to invest and get a good return as active fund managers.C. He talks about the standard deviation of a portfolio, but never defines it. I had to look it up what it is elsewhere(evidently he thinks that the smartest book doesn't have to define this or explain it in any matter, just accept it as a source of smartness). It is a measure of volatility. However, in this book a leap is made where volatility = risk. This isn't an uncommon practice(though Charlie Munger among others disagrees), but again, you have to make a leap of faith and trust the smartness of this book.This book is good if you need a reminder or more convincing that active mutual funds tend to generate poor results, and that everyone on Wall Street is trying to take your money. However, with a title like the smartest investment book you will ever read, I would expect a more thorough, rational and complete analysis, but what you get instead is repetition and little of anything new.
One line book summary: Use this simple method to manage your retirement investments; long-term, you will make more than a PFA can make on your behalf.So like me you are an average kind of bear. Retirement investing is too confusing, risky and worrying for bears of little brain? You'd rather pay fees and have someone else do the brain work. That was my take. That's why I enjoyed this book and was influenced by it.If you are tempted to use a personal financial adviser or investment manager (PFA) of some sort to manage your retirement investments, or if you are considering doing so, you should certainly read this book. The book can be summarized as: 33 very short chapters explaining how using a PFA, especially a hyper-active adviser, limits your gains; 8 short chapters explaining what you should do instead. I skipped to chapter 34 and read the "Four step process", a recipe which is so simple I laughed. Then I did some really dumb math using historical data. Then I was really motivated to read why Solin's simple process was so much better, and so I read the first 33 chapters.The author does a very competent and professional job of explaining why investment managers in general have not, cannot, and will not outperform the market - unless they work for free or pay you! It's all backed up with references from refereed articles, and/or very credible sources, often surprising sources. It's not necessary to read all 33 chapters, but it's fascinating, especially in these times of sordid financial dealings. His conclusion seems to be: get real, and be happy with getting average market returns over the long haul - you are very probably not going to beat the market any other way, and very likely do worse.The (4-step) recipe really is simple. If you can subtract your age from 100, then the hard math is done. Then Solin tells you EXACLY which no-load, index funds to buy depending on which brokerage you want to use, and in what proportions to mimic "the market". Apart from re-balancing the investment proportions each year ... that's it.The book is powerful, but you probably don't need to read all 33 chapters to get the message about PFAs.
William Bernstein, author of "The Four Pillars of Investing" calls this booka "little gem that belongs to every investor's book shelf". Indeed, this book will change the way you invest. Daniel Solin cuts through the financial hype to show you exactly how assets should be invested with easy-to-follow plan that allows you to create and monitor your portfolio in 90 minutes or less...and put your investment earnings in the top 5% of all professionally managed money. You can avoid the biggest mistakes most investors make. They are: (1). Buying into the hype that stock pickers and market timers are anything but a fool's errand; (2). Giving to much credence to the media and self-style gurus who peddle "financial pornography"; and (3). Falling for "dumb money" solutions that give your hard-earned cash over to hyperactive brokers and investment investors. The most important part of this book is chapter 36 where Daniel Solin outlines his 4-step processes. They are: (1). Decide on your asset allocation; (2). Open an account with any of the fund families noted in chapter 38; (3). Invest the stock and bond portions of your portfolio in the funds described in this book and (4). Rebalance your portfolio twice a year to keep your portfolio either aligned with your original asset allocation or to a new asset allocation that meets your changes in investment objectives and/or risk tolerance. The meaning of all these steps are outlined in chapters 37-40. This book even provides evidence of the assertions made through this book. Digest this book and your purse will never be empty.
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