Derek Foster

Asset allocation, risk, diversification and rebalancing. Pros/cons of hiring a financial advisor. Seeking advice on your portfolio?
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scomac
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Re: Derek Foster

Post by scomac »

Shakespeare wrote:
how to retire well on a good pension at ~65
I "retired" on a poor pension at 50 - but I was no more "retired" than Derek; I made money on my investments. Which was "work", except I could do it from my living room and didn't have to try flogging a book. :roll:
Actually, that's a great hook that's very apropos for the times what with the plethora of 50 something white males who find themselves out of work and unable to find work in our post-recession 2010 economy. :?
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Re: Derek Foster

Post by Shakespeare »

who find themselves out of work and unable to find work
It's not a matter of "retiring", it's being able to profitably work for yourself instead of some other asshole. :mrgreen:
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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Re: Derek Foster

Post by scomac »

Shakespeare wrote:
who find themselves out of work and unable to find work
It's not a matter of "retiring", it's being able to profitably work for yourself instead of some other asshole. :mrgreen:
Yabbut, at least if you work for yourself "unprofitably", you get to claim the losses. :roll:
"On what principle is it, that when we see nothing but improvement behind us, we are to expect nothing but deterioration before us?"
Thomas Babington Macaulay in 1830
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Re: Derek Foster

Post by JaydoubleU »

According to Bruce - who's done it - first books are a lot of work and you are unlikely to make much money on them anyway.

I'd just as soon stay retired. :roll:
I was just kidding. Anyway, you're all the more admired and respected because you've made your work available for free.
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Re: Derek Foster

Post by Justise »

The only thing I didn't like was that he kept saying he was a millionaire.[quote][/quote]

Tiger Woods retired the moment he quitted his study and he is a billionaire. J.R. Rowling is a billionaire quitting works and so is Warren B.

As none of us is smarter than all of us, Derek becomes a whipping boy in most financial forums, period.
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Re: Derek Foster

Post by HardWorker »

Thanks everyone for taking the time and explaining further. What you guys have said is what I was thinking as well, but some of the posts made me 2nd guess things a little bit.

So far I've held my portfolio to e-funds, and a small mutual fund account (because of work). But as my mortgage comes down, and investment money frees up, I've liked the idea of DRIPS, and dollar cost averaging of stocks (through stock purchase plans) the best. I'm comfortable with holding securities for a long time, and I definitely don't find myself jumping the gun at every piece of news I hear.

I remember many of the screen names on here from a long time ago (on Money Sense), and I remember many of you talking about this strategy long before I read Derek's two books, just like I remember wondering why "The Smith Maneuver" was all the rage recently, yet I've read you guys discussing it long before. I too wish there was more truth and transparency on many issues, but maybe the next world will be the perfect one. Buyer beware as always.
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Re: Derek Foster

Post by kcowan »

Shakespeare wrote:
how to retire well on a good pension at ~65
I "retired" on a poor pension at 50 - but I was no more "retired" than Derek; I made money on my investments. Which was "work", except I could do it from my living room and didn't have to try flogging a book. :roll:
Long live DIY. Better to just do it than to write about it!
For the fun of it...Keith
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Re: Derek Foster

Post by marty123 »

Shakespeare wrote:
sell it for $20 a copy
According to Bruce - who's done it - first books are a lot of work and you are unlikely to make much money on them anyway.
Bruce's book was 95% research and 5% opinions. It was a reference work which only people who frequent this forum would enjoy reading. It was unlikely to be bought by more than a few thousand readers, but sold to many more.
Derek's first book had little research, lots of opinions, and there is increasing reports that it was a lot of fiction. It was written and marketed as if it was a Letter to Penthouse, and coincidently some people report that it might have had as many facts into it. I haven't read his subsequent books, but I assume it's rehashed content (i.e. the story took place in a different hot tub). Nevertheless, it's a feel-good book that was meant for mass-publishing and had mass-appeal.

I have no doubt that Derek made a lot more money than Bruce with his books. He also published and personally mailed them, probably leaving him with more profit in exchange for the additional workinconvenience. Derek earns my respect for being entrepreneurial, creative and a great marketer. Generally, he's less dangerous than some other financial porn authors, although I still cringe when I hear neophytes quoting him.
Last edited by marty123 on 10 Sep 2010 08:57, edited 1 time in total.
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Re: Derek Foster

Post by kcowan »

marty123 wrote:...
I have no doubt that Derek made a lot more money than Bruce with his books. He also published and personally mailed them, probably leaving him with more profit in exchange for the additional workinconvenience.
Being employed as a part-time distribution clerk appears to have earned him some extra income from his books.
For the fun of it...Keith
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Re: Derek Foster

Post by Justise »

HardWorker wrote:

I remember many of the screen names on here from a long time ago (on Money Sense), and I remember many of you talking about this strategy long before I read Derek's two books, just like I remember wondering why "The Smith Maneuver" was all the rage recently, yet I've read you guys discussing it long before. I too wish there was more truth and transparency on many issues, but maybe the next world will be the perfect one. Buyer beware as always.
Derek had a hard time [in Money Sense forum] spending time to defend himself in the sparring with all others attacking him left, right and centre. Even fools knew that he worked i.e. he was and is self-employed. He was and is denying the undeniable.
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Re: Derek Foster

Post by augustabound »

kcowan wrote:just do it
Maybe you should copyright that, there could be money in a true to life slogan like that. :wink:
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Re: Derek Foster

Post by kcowan »

augustabound wrote:
kcowan wrote:just do it
Maybe you should copyright that, there could be money in a true to life slogan like that. :wink:
Yea I wish.... :lol:
For the fun of it...Keith
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Re: Derek Foster

Post by JaydoubleU »

Actually, I think NIKE copywrote that slogan (Just Do It)

Marty put it well: 95% research and 5% opinion vs . . . well, Derek's titles say it all.
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Re: Derek Foster

Post by augustabound »

JaydoubleU wrote:Actually, I think NIKE copywrote that slogan (Just Do It)
Yes, hence my winky face to Keith. :wink:
"Whenever I'm about to do something I think, would an idiot do that? And if they would, I do not do that thing." - Dwight K. Schrute
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Re: Derek Foster

Post by JaydoubleU »

Yes, hence my winky face to Keith. :wink:
Sorry. My powers of perception are weak in the morning before coffee :wink:
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Re: Derek Foster

Post by Bylo Selhi »

Why this man is an idiot millionaire
But he seemed to ignore his own rules when he sold everything  in February 2009, just before the market bottomed out... Derek has a new book, The Idiot Millionaire, where he advocates an idiot-proof strategy and says he was an idiot when he sold his stocks.
:roll:
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Re: Derek Foster

Post by bones1 »

Sigh... this guy will never giving up milking money from his books. Is there anything that morons won't buy?
Retired... my ass!
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Re: Derek Foster

Post by marty123 »

Derek has a new book, The Idiot Millionaire
He's not a millionaire, so the title should be shortened by removing the "Millionaire" word.
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Re: Derek Foster

Post by Bylo Selhi »

marty123 wrote:He's not a millionaire, so the title should be shortened by removing the "Millionaire" word.
I suspect he put "Millionaire" in the title in order to give the impression that he is one. I wonder if he used the same rationale with "Idiot"?
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Re: Derek Foster

Post by flywaysuzy »

Not that one precludes the other, but maybe to piggyback on the success of the 'idiot's guide to... whatever ' books?
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Re: Derek Foster

Post by bones1 »

flywaysuzy wrote:Not that one precludes the other, but maybe to piggyback on the success of the 'idiot's guide to... whatever ' books?
How about, "The idiot's guide to being an idiot".
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Re: Derek Foster

Post by mikester »

I thought the frugal living section of his first book was quite good, even if everything else is suspect.

As a self-published author myself, I have to admit that I'm quite jealous of the publicity Derek is able to create.
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Re: Derek Foster

Post by deaddog »

So has anyone actually read the book?

From what I gather reading limited reviews he admits to being an idiot for selling low and has now learned form his mistakes. That in itself puts him way ahead of those who don’t realize they are idiots and keep making the same mistakes.

Does his new investment philosophy make any sense?

To the other authors on the board; how much money will he make with a self published book?
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Re: Derek Foster

Post by bones1 »

deaddog wrote: To the other authors on the board; how much money will he make with a self published book?
I think I've heard him say he makes six-figures selling his books. Advantage of self-publishing is keeping much more of the profits. His catchy titles and blatant self-promotion seems to get him all the publicity he needs. Nobody interviewing him ever seems to challenge him on his ridiculous claims. (The claim of being retired and living off his investments, for example, when making $100k+ writing books. IIRC, I've also read elsewhere that his wife works.)

Disclaimer: I've never read any of his books. I wouldn't waste my time, and I certainly wouldn't waste my money funding his "retirement".
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Re: Derek Foster

Post by Flights of Fancy »

(IIRC) his wife works, they have five kids and get a significant level of child and family benefits, they keep realized income very low and I guess he adds to the family pot with portfolio returns and book sales.
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