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Practical Speculation by Victor Niederhoffer (Author), Laurel
Kenner (Author)
In Practical Speculation, I once again found Mr. Niederhoffer's
humourous attitude at play. He has a style that is both disarming
and straight to the point, but can put the most esoteric of concepts
in a light you never thought of.
In this book he does just that by pointing out that the scientific
method needs to be applied and should be applied to investing. And
he does so in typical Niederhoffer fashion. He takes the time to
deconstruct many of today's investing strongheld beliefs.
He rips to shreds Benjamin Grahams value investing and technical
analysis for starters. Whether you agree or disagree with his assessments
it is important to hear multiple opinions before you formulate your
own.
Many of his ideas about trading along with Mr.Kenner have a of mathematical
models attached to them and they force you to take out the slide
rule quite often along with that old calculus book.
I liked the book for what it is, two men's vision of what the market
means to them. We should all be so lucky to be able to express that
from time to time. Don't look to his methods as the holy grail of
investing, just as he suggests you shouldn't look to others, and
you will like this book too.
Millionaire Real Estate Mentor: The Secrets to Financial Freedom
Through Real Estate Investing by Russ Whitney
I don't believe in real estate. I don't. I don't. I don't.... Okay
maybe now I
do ;) Mr. Whitney has written a really approachable book. He has
a flowing writing style that makes this complicated realm, real
estate investing, very understandable.
Where his book shines, and which could have been very cheesy, is
his use of testimonials and pictures of his students. These are
ordinary people with ordinary problems using extra-ordinary solutions
to solve their financial problems and to reach their financial goals.
I have been against real estate for the past 20 years, ever since
my parents' lost their first home to foreclosure. For all of my
professional carreer I have been involved with futures as a broker,
investor, and I have authored three books about futures and options
... During all of that time I have ignored or looked down at real
estate with disdain. Not anymore. Mr.Whitney makes sense and you
should put a copy on your shelf today.
The Four Pillars of Investing : Lessons for Building a Winning Portfolio
by William J. Bernstein
Mr. Bernstein has written a solid book, based on his "four pillars"
of investing. They are as follows "investment theory", "historical
perspective", "investor behavioral errors", and lastly " brokerages
et. all don't have a responsibility to their clients.
For those of you coming out of the dotcom fiasco many of you will
find that this book will heal some of those wounds. The poor accounting
practices, the fraud and deception by both analyst and corporations
have all made today's investors sceptical and cynical.
Mr.Bernstein will be the guiding light for many of you. His lengthy
discussion on investment theory will open your eyes to the various
ways to go about investing, and in that respect he borrows a lot
from Benjamin Graham's, Warren Buffet's mentor, value investing.
Which smoothly leads into his second pillar historical perspective.
Mr.Bernstein shows mathematically that over time the stockmarket
and the bond market converge until their yields are the same, which
is very interesting if you believe that the only way to make money
is when the markets go up, I don't.
Lastly he lambast brokers and money managers both for their incompetency
to beat the indices and for their uncaring attitude to see their
clients thrive and prosper.
Many of the subjects he discusses in his book will give investors
renewed power and strength to attack the investing world again.
Where Mr.Bernstein fails is his leaving out the investing theory
of non-correlative investment strategies. It's where you invest
in different types of investments that have no relation to one another.
This type of investing is essential during bear markets.
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