Bad idea unless you are rather dedicated. Get the book Lessons for Corporate America so the content is edited for relevance and grouped in a logical manner. Much higher return on your time. Trust me, I speak from experience. I read the letters first, then the book becasue there was no book back then.MALDI_ToF wrote:Although not a book, I like reading Buffett's annual letter to shareholders. Great information in there on investing in general and he is a great writer so they make a good read. And it is free and available on his website.
Investment Books
Re: Investment Books
Show me the incentive and I will show you the outcome
--Charlie Munger
--Charlie Munger
Re: Investment Books
I will have to take a look at that book…thanks for the reference.FinEcon wrote:Bad idea unless you are rather dedicated. Get the book Lessons for Corporate America so the content is edited for relevance and grouped in a logical manner. Much higher return on your time. Trust me, I speak from experience. I read the letters first, then the book becasue there was no book back then.MALDI_ToF wrote:Although not a book, I like reading Buffett's annual letter to shareholders. Great information in there on investing in general and he is a great writer so they make a good read. And it is free and available on his website.
Give a man a fish, and that man knows where to come for fish. Teach a man to fish, and you've just destroyed your market base.
1,1,2,1,3,2,3,1,4,3,5,2,5,3,4,1,5,4,1,5,4,7,3,8,5,7,2,7,5,....
1,1,2,1,3,2,3,1,4,3,5,2,5,3,4,1,5,4,1,5,4,7,3,8,5,7,2,7,5,....
Re: Investment Books
Anyone read "Three Simple Rules to Investing"?
Wade Pfau's has a bit of info here http://wpfau.blogspot.ca/2014/06/book-r ... es-of.html
The book says almost everything is nonsense including -
Investment strategies with mathematical-sounding names like “quantitative strategies,” “smart beta,” and “four-factor model” ( or three factor Farma French) —like other investment strategies that are not quantitative—don’t produce superior investment performance, except by chance.
Slicing and dicing into value and small cap
In certain cases rebalancing actually adds risk
The widely cited result that individual investors in mutual funds underperform by several percent a year because they time the market irrationally and poorly is wrong.
The end result of the theories of Nobel laureates in finance is that the most efficient portfolio is one that mirrors the whole market, a total market index fund.
Wade Pfau's has a bit of info here http://wpfau.blogspot.ca/2014/06/book-r ... es-of.html
The book says almost everything is nonsense including -
Investment strategies with mathematical-sounding names like “quantitative strategies,” “smart beta,” and “four-factor model” ( or three factor Farma French) —like other investment strategies that are not quantitative—don’t produce superior investment performance, except by chance.
Slicing and dicing into value and small cap
In certain cases rebalancing actually adds risk
The widely cited result that individual investors in mutual funds underperform by several percent a year because they time the market irrationally and poorly is wrong.
The end result of the theories of Nobel laureates in finance is that the most efficient portfolio is one that mirrors the whole market, a total market index fund.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: Investment Books
That describes my approach -- buy and hold index ETFs. I try to get close to world market cap weighted, but some corners of the market are too expensive (some frontier markets) or I don't have knowledge and don't intend to learn (commodities).BRIAN5000 wrote:The end result of the theories of Nobel laureates in finance is that the most efficient portfolio is one that mirrors the whole market, a total market index fund.
No rebalancing -- I let the index manufacturers do that for me. Risk is controlled by the allocation to RRBs.
George
The juice is worth the squeeze
Re: Investment Books
I've read in at least one place maybe more that a world index with a dash of commodities is the way to go. Wouldn't an index like XIC give you that dash of commodities without even trying, at least oil & gas and materials? (but raising financial a the same time)I don't have knowledge and don't intend to learn (commodities).
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: Investment Books
For about 99% of the investing books I have bought, after reading them my thought was "the juice was not worth the squeeze."
One exception was "Expected Returns - An Investor's Guide to Harvesting Market Rewards" by Ilmanen. ISBN 978-1-119-99072-7. If you were even half-awake during university stats class, it is quite readable.
One exception was "Expected Returns - An Investor's Guide to Harvesting Market Rewards" by Ilmanen. ISBN 978-1-119-99072-7. If you were even half-awake during university stats class, it is quite readable.
Re: Investment Books
Then you have not read the right ones.Innovia wrote:For about 99% of the investing books I have bought, after reading them my thought was "the juice was not worth the squeeze."
One exception was "Expected Returns - An Investor's Guide to Harvesting Market Rewards" by Ilmanen. ISBN 978-1-119-99072-7. If you were even half-awake during university stats class, it is quite readable.
Show me the incentive and I will show you the outcome
--Charlie Munger
--Charlie Munger
Re: Investment Books
I think it's more likely that my bar is higher than yours.FinEcon wrote: Then you have not read the right ones.
Re: Investment Books
Possible but not probable. More likely we prefer different subject matter. I don't consider that book an investing book, it's more of a financial economics treatise for non economics trained practitioners. Suggesting it to a group of DIY investors is speaking to the wrong audience. I've been here long enough to know there are a handful of FWF members who would like that book but they are academics.Innovia wrote:I think it's more likely that my bar is higher than yours.FinEcon wrote: Then you have not read the right ones.
Show me the incentive and I will show you the outcome
--Charlie Munger
--Charlie Munger
Re: Investment Books
Yes, I liked it a lot -- and I'm not even an academic.FinEcon wrote:there are a handful of FWF members who would like that book but they are academics.
I think that the main value of the book for me was learning what doesn't work. Useful to keep me on the straight and narrow...
George
The juice is worth the squeeze
Re: Investment Books
2nd that!! Dividend history & Dividend growth.Taggart wrote: 12. The Single Best Investment by Lowell Miller
13. The Investment Zoo by Stephen A. Jarislowsky
Since when it comes to Canadian stock investing, I'm really a dividend growth investor at heart, the last two books are important to me. I just try and keep it simple, don't get too fancy, and with a little luck thrown in, I may do well. So far, so good.
Re: Investment Books
I haven't read it yet but this is a free PDF from CMS. Canadian MoneySaver Special Edition Young Money
Looks like a collection of articles for starting out.
https://www.canadianmoneysaver.ca/special-edition/
Looks like a collection of articles for starting out.
https://www.canadianmoneysaver.ca/special-edition/
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: Investment Books
If you click on Bernstein's New Books at efficient frontiers he has a free download called "If You Can" which is targeted to the young investor.
Re: Investment Books
Is this still available to copy free? - I don't see itTaggart wrote:If you click on Bernstein's New Books at efficient frontiers he has a free download called "If You Can" which is targeted to the young investor.
“The search for truth is more precious than its possession.” Albert Einstein
- Bylo Selhi
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Re: Investment Books
Bill's book If You Can was discussed previously in Bill Bernstein - Free E-Book (for Millenials)
Sedulously eschew obfuscatory hyperverbosity and prolixity.
Re: Investment Books
George:George$ wrote:Is this still available to copy free? - I don't see itTaggart wrote:If you click on Bernstein's New Books at efficient frontiers he has a free download called "If You Can" which is targeted to the young investor.
Below the book "If you can", you choose from one of three formats. Acrobat, Mobi, or Kindle.
I just clicked on acrobat, since I'm on the laptop computer and it came up, no problem.
Re: Investment Books
Thanks again. George (the other G)Taggart wrote:George:George$ wrote:Is this still available to copy free? - I don't see itTaggart wrote:If you click on Bernstein's New Books at efficient frontiers he has a free download called "If You Can" which is targeted to the young investor.
Below the book "If you can", you choose from one of three formats. Acrobat, Mobi, or Kindle.
I just clicked on acrobat, since I'm on the laptop computer and it came up, no problem.
“The search for truth is more precious than its possession.” Albert Einstein
Re: Investment Books
Globeinvestor
Three good investment books you’ve probably never heard of
by Andrew Hallam
"A Random Walk Down Wall Street is in its 10th edition. It has sold more than 1.5 million copies. It might be the world’s best book on index investing – for Americans. Three great guides on this side of the border are Chris Turnbull’s Your Portfolio is Broken: Who’s To Blame And How To Fix It; Keith Matthews’ The Empowered Investor; and Dan Bortolotti’s MoneySense Guide To the Perfect Portfolio".
Three good investment books you’ve probably never heard of
by Andrew Hallam
"A Random Walk Down Wall Street is in its 10th edition. It has sold more than 1.5 million copies. It might be the world’s best book on index investing – for Americans. Three great guides on this side of the border are Chris Turnbull’s Your Portfolio is Broken: Who’s To Blame And How To Fix It; Keith Matthews’ The Empowered Investor; and Dan Bortolotti’s MoneySense Guide To the Perfect Portfolio".
Re: Investment Books
Funnily enough I was walking through the library the other day and I saw Hallams book on a table. Picked it up and read about half so far. Quite good but also quite Chilton-ish with lots of anecdotes and simplification. Still, a good read.Taggart wrote:Globeinvestor
Three good investment books you’ve probably never heard of
by Andrew Hallam
"A Random Walk Down Wall Street is in its 10th edition. It has sold more than 1.5 million copies. It might be the world’s best book on index investing – for Americans. Three great guides on this side of the border are Chris Turnbull’s Your Portfolio is Broken: Who’s To Blame And How To Fix It; Keith Matthews’ The Empowered Investor; and Dan Bortolotti’s MoneySense Guide To the Perfect Portfolio".
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Re: Investment Books
It seems a great story, straight talking advice. I'm going to grab it. Thanks for sharing this.Taggart wrote:I couldn't find a Topic Title on this subject, so I made one up.
Happened to see a book on the local library shelf and enjoyed it very much. Never heard of it before, and didn't think much of the title, but sometimes something good comes from the unknown.
You can read the customer reviews at Amazon.
How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn by Allan S. Roth.
Re: Investment Books
I strongly recommend Andrew Ang's new book, Asset Management: A Systematic Approach to Factor Investing. It manages to be very readable together with wide coverage of most aspects of financial investing. It includes many results of recent research without the usual off-putting trappings (algebra, econometrics, etc). Rather, he explains what the results are, in clear language, and then goes on to draw out the implications for institutional, and especially small retail investors like us.
For those of us who are intrigued by low-volatility investing, he has an excellent discussion of both the empirical findings and the possible reasons for them. The bottom line, in his opinion, is that the excess returns to low volatility stocks are likely to continue.
He throws in lots of nuggets, almost in passing. For example, when you are working out your asset allocation, based on your total investable wealth, don't forget that the money in tax-deferred accounts is not wholly yours. It is partly the government's. You should adjust accordingly.
There is also a discussion of the merits of selling short in your regular account and going long in your tax-deferred account.
(That is a spin-off from a discussion of optimal location of assets, whether in regular accounts or various kinds of tax-deferred accounts. The discussion is U.S.-based, but most of it is applicable to Canada.)
Anyways, I really enjoyed the book, and I think that I learned a lot from it.
George
For those of us who are intrigued by low-volatility investing, he has an excellent discussion of both the empirical findings and the possible reasons for them. The bottom line, in his opinion, is that the excess returns to low volatility stocks are likely to continue.
He throws in lots of nuggets, almost in passing. For example, when you are working out your asset allocation, based on your total investable wealth, don't forget that the money in tax-deferred accounts is not wholly yours. It is partly the government's. You should adjust accordingly.
There is also a discussion of the merits of selling short in your regular account and going long in your tax-deferred account.
(That is a spin-off from a discussion of optimal location of assets, whether in regular accounts or various kinds of tax-deferred accounts. The discussion is U.S.-based, but most of it is applicable to Canada.)
Anyways, I really enjoyed the book, and I think that I learned a lot from it.
George
The juice is worth the squeeze
- Bylo Selhi
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Re: Investment Books
Thanks. Apparently so do the rather distinguished list of blurb writers: Asset Management: A Systematic Approach to Factor Investing.ghariton wrote:I strongly recommend Andrew Ang's new book, Asset Management: A Systematic Approach to Factor Investing.
Large chunks of the book are available online from Google Books: Asset Management: A Systematic Approach to Factor Investing
The official website: Asset Management: A Systematic Approach to Factor Investing
Sedulously eschew obfuscatory hyperverbosity and prolixity.
Re: Investment Books
I spent the day reading Automatic Millionaire (Canadian Edition). Basically, it boiled down to the whole "pay yourself first" thing, automated with preauthorized purchase plans. That's what I already do. But it's a decent book if you haven't set that up yet.
Re: Investment Books
Just a heads up that there's a new Canadian investment book released. It's called "Market Masters". Copies are on order through my local library system so put a hold on it.
Got the idea from Derek Foster's latest e-mail newsletter.
Got the idea from Derek Foster's latest e-mail newsletter.
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Re: Investment Books
It's not a good sign when the promoting site says: "Do you want to beat the market, make more money, and achieve financial independence?"Taggart wrote:Just a heads up that there's a new Canadian investment book released. It's called "Market Masters". Copies are on order through my local library system so put a hold on it.
For one thing, there's no need to beat the market to achieve financial independence. Just matching the market (minus a small fee) is plenty enough. For another, beating the market is a negative-sum game, after fees (William Sharpe's theorem).
If it was so easy to beat the market, everyone would do it. But, that's mathematically impossible; the average can't be higher than itself!
Of course, the 24 Amazon reviews are almost all 5 stars, except for a few 4 stars. That's highly suspect. But, it's a good way for the author to make money.
I would classify this book into the "noise" category.
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