Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook [Hardcover]

John Mauldin (Editor)

Book Description

Publication Date: November 4, 2005

In Just One Thing, author John Mauldin offers an incomparable shortcut to prosperity: the personal guidance of an outstanding group of recognized financial experts, each offering the single most useful piece of advice garnered from years of investing. Conversational rather than technical in tone, each contributor’s personal principle for success is illustrated with entertaining and illuminating real-life stories.

Editorial Reviews

Amazon.com Review

Whether from business-focused cable TV channels, newspapers, magazines, Web sites, or friends and family, investment advice comes these days from every corner. The nagging question for conscientious investors remains, though: how to separate good advice from bad? In a world of squawking television commentators and garish headlines, who and what should we trust? With Just One Thing, veteran investment writer John Mauldin offers his answer: take just the best advice, from the best investors, and discard everything else. Mauldin has solicited 12 leading investors for what each considers his most valuable insight or lesson over a long and illustrious investment career--the "one thing" he considers most important to investing--and gathered the tips for future generations of investors to learn.

The lessons which Mauldin has compiled in this thin, readable volume range widely. Some readers may enjoy the folksier tone of hedge fund manager Andy Kessler's piece, which analogizes investing to a hike up New England's Mt. Washington, on a foggy day. Other may prefer the approach of bond investor Gary Shilling, who argues for finding and developing a consistent and long-term narrative (or "story" about a market) around which to build investment picks. Yet others may find it most comforting to go with financial analyst Rob Arnott, who runs a multi-billion dollar fund for Pimco and who anchors his market analysis in deep skepticism and extensive quantitative analytics.

As with the larger market, Mauldin's group of 12 expert investors brings its own mix of philosophies, tactics, and personalities to investing, and in his notes between each selection, Mauldin is careful not to tip his hand favoring one or the other. Instead, quality for Mauldin rests in the survey of the masters, and the restriction of those masters to "just one thing" each. Mauldin should know: as the author of Bull's Eye Investing: Targeting Real Returns in a Smoke and Mirrors Market, as well as a weekly investment newsletter with readership over one million, he has seen his share of both charlatans and geniuses.

Mauldin's work can be taken a couple of different ways. For younger investors, it may provide a valuable survey of different investment philosophies, and the opportunity to learn just enough to undertake further research elsewhere. For more experienced investors it can provide the possibility of a new idea gleaned here or there, some new concept that may have been overlooked previously. Either way, both audiences will benefit from the diversity of perspectives included in this book. In an increasingly chaotic and noise-filled world, trusted sources which give such sure-handed perspective on the business of investments deserve high praise. --Peter Han

Review

“…a well-researched work…goes against the grain…” (Gulf Business, January 2006)

[Author interview in Offshore Engineer] “…few books have caused as much consternation…”

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Product Details

• Hardcover: 272 pages
• Publisher: Wiley; 1 edition (November 4, 2005)
• Language: English
• ISBN-10: 0471738735
• ISBN-13: 978-0471738732
• Product Dimensions: 9.5 x 6 x 1 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars  See all reviews (35 customer reviews)
• Amazon Best Sellers Rank: #653,411 in Books (See Top 100 in Books)

More About the Author

John Mauldin is a renowned financial expert, a multiple New York Times best-selling author, and a pioneering online commentator. His weekly e-newsletter, Thoughts From The Frontline, was one of the first publications to provide investors with free, unbiased information and guidance. Today, it is one of the most widely distributed investment newsletters in the world, translated into Chinese, Spanish and Italian. He is regularly seen on TV and in national print media. President of Millennium Wave Investments, he is the father of seven children (five adopted) and lives in Dallas, Texas.

Customer Reviews

Most Helpful Customer Reviews

65 of 74 people found the following review helpful:

4.0 out of 5 stars Some Good Tidbits, but it's no Bulls-Eye, November 9, 2005

By 

Tom (St Louis) - See all my reviews

This review is from: Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook (Hardcover)

I was extremely excited to read this book because I thought Bull's Eye Investing was fantastic. I knew that each chapter was written by a different investor and since most of John's book/article recommendations have been great as well (Unexpected Returns, Fooled by Randomness, etc), I thought I would discover some new brilliant investing ideas. Honestly, I was a little disappointed.

The highlights for me were Chapters 6, 8 by James Montier and Rob Arnott. One of these discussed the flaws of Mkt Cap Weight Indices and how non weighted should outperform them in the future. Since we money managers are benchmarked against these indices, the implications are very important.

The other highlight was James Montiers Guide to "Thinking about thinking." It explained many human behavioral traits and how they apply it to investing. There were some new ideas that I hadn't heard before.

The other chapters including John's chapter at the end were just more of the same things I've heard over and over. This may be because I've read many of these investor's other books and articles before so for somebody new to these investors, it may be different.

14 of 14 people found the following review helpful:

3.0 out of 5 stars 12 diverse essays with even more diverse value/quality, August 8, 2006

By 

ServantofGod - See all my reviews

This review is from: Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook (Hardcover)

If you compare this book directly with Market Wizards I & II, you will definitely be very disappointed. However, if the presence of 2 or 3 very bright ideas in one single book can already satisfy you well, you may still give it a try. IMHO, the chapters by Andy Kessler (lower cost creates its own huge market), Dennis Gartman (12 trading rules) and Gary Shilling (the long bull market of long bonds) are outstanding, whilst the rest are just so so or even substandard. Sorry to say that there are many better alternatives in the market of the "various authors" genre. On the other hand, "Wall Street Meat" and "Running Money", two books by Andy Kessler alone, are much better and interesting than this. In short, not recommended.

Below please find my most favorite saying in the whole book:-
Change is like a train. It can either run over you, or you can catch it to the future. pg 219

12 of 13 people found the following review helpful:

4.0 out of 5 stars Thoughful investments., February 14, 2006

By 

M. Karakus (CAMBRIDGE, MA USA) - See all my reviews
(REAL NAME)   

This review is from: Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook (Hardcover)

This book goes through the thoughts of various successful investors and business individuals. These individuals include Rob Arnott, Bill Bonner, Richard Russell and others. I found this book to be insightful to understand at a high-level various investment strategies (bonds, 2% rule, etc.) and methods (trading, risk and psychological).
I would recommend this book to individuals that understand and have completed various investments to be able to take the investments to another level by diversification.
My favorite section was chapter 11 with "rich man, poor man" which summarized the book in a chapter. I also found chapter 12 to be a good view into the future for investments. I guess you would need to make your own decision once you read the book.
Enjoy!