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The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too |  |
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The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too | |
网友对The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too的评论
The hardest thing about this book was figuring out what was dated and what was current. Things like AOL being cutting edge with stock quotes updated every 15 minutes are obvious, but some of the other things a little less so. However, as an investment newbie, this book was great as it explains things as if they don't expect me to have any previous knowledge. Things like the dogs of the DOW, and how to read a balance sheet, etc. And everything is backed by data showing the results, and the importance of comparing to a baseline such as the S&P 500 over the same period of time.
I picked this up because I'd heard that these brothers had written a very interesting and irreverent book and website about investing and money. Basically the book is devided into three parts. The first talks about their "Dow Divident" strategy. Actually, they do give credit to others for coming up with the idea, but add some new tweaks to make it supposedly more profitable. They claim this is a very easy and safe way to invest because you are dealing with only 4 stocks which you will have to change at most once a year and which are all Dow stocks, so they are all large well-established companies that won't go broke any time soon. They claim that this technique would have netted the invester an average of 25% annual growth of the last 25 years, and 19% over the last 38 years, both well above the 10.5% that the market (S&P Index) would have given. They then go on to talk about a way to outdo even this growth by investing in small caps and in shorting stocks. So the 2nd third is about small caps and how to research them, how to read financial statements, how to understand trends, etc. The third section is on shorting stocks. Apparently if you put your money into each of these three philosophies in a certain ratio, you maximize your profits and minimize risk. However, they want you that if you don't have a lot of free time, you should just do the Dow Dividend approach as the other two can eat away a good deal of time and energy. I thought the first section of the book could have been written in about 10 pages, instead of the 100 or so that it took the Gardner brothers. Not only do they go on and on about hypothetical examples, but they also write about what they're about to write about. It's just very repetitive. Perhaps they were trying to be entertaining and trying to ease the complete novice into things, but unless you don't even know the very basics of what stocks are, you will probably get as annoyed with this part of the book as I was. The second part picks up the pace and gets into the nitty-gritty much more so in this sense it's actually useful if you want to make investing a hobby.
This was the first book I read on picking stocks, and I still refer to it occasionally. It contains some very good information on how to evaluate companies. Some of this information has since been updated on the Motley Fool website, and continues to be. That's one thing I like about their outlook: they are willing to change their approach as they continue to learn. On the downside, I find that they completely rule out some very worthwhile aspects of investing as being worthless. For instance, they have a section in the back of the book which practically compares technical analysis (chart reading) to snake oil. Although I personally would not pick a stock only on the basis of its chart, I must allow that charts help us pick good entry and exit points, and provide other pertinent information as well. One of my favorite investment authors, John Murphy, has an entire book on technical analysis. I regard him as a scholar and a very astute thinker who would never dabble in snake oil.....with resources like Murphy's books out there I can't understand TMF's cavalier dismissal of the entire field. They similarly denigrate the entire field of options and futures, which I think perhaps shows a lack of understanding on their part. Aside from these criticisms, however, I recommend this book as a very good primer on how to evaluate a company you are thinking about investing in.
I bought this book 15 years ago when my husband was about to retire and we had to make investment decisions. It offered practical investing advice for the reader who does not have an interest in daily trading, who is a novice at investing,etc. It prompted us to develop a self-managed investing plan with which we have been very pleased. It is written in such an easy to understand manner that I recently bought this copy and gave it to friends. My re-reading of the text indicates its been updated but still holds the same appeal.
This is an excellent book. It is easy to read and understand for people with no finance background whatsoever. It may not be advanced enough for people who do a lot of investing, but those are not the people that this book is targeted at. That said, I I have an MBA with an emphasis in finance and I found the book interesting and informative. Most everyone can learn from this book to enhance their investment strategies or just to work up the courage to take the plunge. It helps takes the mystery and fear out of investing and encourages people to take their finances into their own hands. Fool on! Thanks to the Gardner brothers!
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