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Millennial Money: How Young Investors Can Build a Fortune Hardcover – October 14, 2014


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Product Details

  • Hardcover: 224 pages
  • Publisher: Palgrave Macmillan Trade (October 14, 2014)
  • Language: English
  • ISBN-10: 1137279257
  • ISBN-13: 978-1137279255
  • Product Dimensions: 9.7 x 6.5 x 1.1 inches
  • Shipping Weight: 14.9 ounces (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon Best Sellers Rank: #9,528 in Books (See Top 100 in Books)

Editorial Reviews

Review

"O’Shaughnessy, portfolio manager and contributor to financial media, aims to explore every facet of investment opportunities for Millenials. He offers his investment strategy for outperforming the market, based on five key attributes that, implemented together, become powerful."—Booklist

"O’Shaughnessy provides sound advice that will give millennials the advantages they need to improve their financial future." —Publishers Weekly

" Patrick has done something very unique: he's written a highly readable book that speaks up—not down—to young investors, while keeping things sophisticated enough so that even veteran investors will find indispensable insights within."—Joshua M. Brown, author of Clash of the Financial Pundits and on-air contributor to CNBC

"If someone had given me this book when I was in my 20s, I’d be a billionaire today. Buy this book for someone you love who is in their 20s. They will think kindly of you when they are in their 60s."—Barry L. Ritholtz, Chief Investment Officer, Ritholtz Wealth Management

"Patrick has got it right. The sooner you start investing, the more you make. Patrick’s recommendation to invest broadly in international stocks is also spot on for young investors. This book is a must read for anyone from their 20’s to 40’s."—Tim McCarthy, Former President, Charles Schwab and author of The Safe Investor

"Most young investors I know have abandoned stocks, and that's a big mistake. O’Shaughnessy lays out a clear path for building wealth over a lifetime with a key message: start now, invest globally, and master your own behavior."—Meb Faber, CIO, Cambria Investment Management, and author of The Ivy Portfolio

" Patrick O'Shaughnessy has written an accessible, thought-provoking guide to helping Millennials make the right financial decisions." —Kevin Roose, Bestselling author of Young Money

"Patrick’s book is a must read for my generation, and anyone who cares about building a more secure life for themselves and their loved ones. His message is clear: the time to act is now and the future is ours to take!" —Bryce Dallas Howard, Actress

About the Author

Patrick O’Shaughnessy is a portfolio manager at O’Shaughnessy Asset Management where he manages money for individuals and institutions. He is a contributing author to What Works on Wall Street (Fourth Edition) by James O’Shaughnessy and has been featured in Fortune, The Wall Street Journal’s ‘Market Watch,’ The Street.com, and Advisor Perspectives , where he has won the Top 25 Venerated Voices™ award by author. Patrick is an expert in investment strategy research and is also a Chartered Financial Analyst®. He lives in New York City with his wife and son.


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Customer Reviews

This book is a good starting point for novice investors, and it offers sound advice.
ladyfingers
Yes the time value of money is important, but don't tell the people who got burned going in at the top around 2007 that.
Dat Hong
He makes a very good case for it, and goes into detail to support his claims with historical data.
Sukru Tikves

Most Helpful Customer Reviews

Format: Hardcover
Note to Baby Boomers with adult children: This book review is for you. Buy a copy for your Millennial children and encourage them to read it. Getting started early will make an incredible difference over the course of their lives.

Most readers of financial books and news today are Baby Boomers or early Gen Xers, as it isn't until early middle age that most Americans begin to think seriously about saving and investing for retirement. The Millennials, at this stage of their lives, are more focused on starting their careers and paying down student loans; retirement planning is not high on the list of priorities.

Patrick O'Shaughnessy--himself a Millennial--seeks to change this generational attitude in Millennial Money: How Young Investors Can Build a Fortune. It is an impassioned plea to start saving early and aggressively, as the Millennials will face a very different reality in their golden years than that enjoyed by their parents and grandparents. Written by a Millennial in a voice that other Millennials will understand, O'Shaughnessy writes about "financial karma" and notes that, when it comes to money, we reap what we sow: "Building good individual financial karma is straightforward: spend less than your earn and invest a chunk of your income in the stock market every year."

Unfortunately, as a collective, we're looking at some very bad karma. Social Security--if it still exists in anything resembling its current form--will be far less generous, as America's high and growing debt load makes the status quo unsustainable.
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6 of 8 people found the following review helpful By Sukru Tikves VINE VOICE on October 13, 2014
Format: Hardcover Vine Customer Review of Free Product ( What's this? )
In this book, the author discusses the advantages on long term (buy and hold) investment of stocks, over all other options. He makes a very good case for it, and goes into detail to support his claims with historical data. However, he also makes it sound too easy, while this kind of investment requires care and patience.

First of all, I am not an investor, so don't take my review for financial advice.

The proposal is very simple. No other investment type offers protection against inflation losses on the longer run. This is not a future prediction, but an analysis of the last 100 years or so of data. The author finds that if you are patient (like 20 years patient), you'll get positive inflation (and possibly tax) adjusted returns, even if you invest just before a financial crash (including recessions, and the great depression). Bonds and CDs on the other hand will make you lose money against inflation.

The author suggests going all in, and investing in value stocks. However this is probably a full time job, which requires analyzing a significant amount of company financial data. He offers some web based tools and communities for help, or tells that the index funds will be an easier alternative (but with much lower returns).

Do not get me wrong, there is hard data, and a lot of psychological discussion in the book (the case about pigeons being better predictor than humans is for example very enlightening). However the task is not easy. You'll have to be patient even if you are losing money. Even if you're losing a lot (e.g.: more than 50% of your investments), and even if you lose for a long time (3-5 years). I'll take the advice, but I'm not sure being a full time investor would be a good choice for everyone.

Nevertheless I liked the idea that somebody actually looked at historic charts to encourage the millennial generation who are afraid of stocks. Well done.
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Author Patrick O'Shaughnessy understands that there are strong and very real financial and psychological challenges which make millennials flinch when they consider investing in equities: job scarcity, student loan debt, and of course those awful memories of the 2007-2008 financial crisis. Many are still running for cover, keeping their savings in cash or low return, conservative - and seemingly safe - bonds.

But O'Shaughnessy stresses the dangers in those reactions. While this behavior may feel comfortable, secure, and reassuring - it actually "acts like a tax " on wealth, leading to significantly greater financial risks over time, with inflation and factors such as the lack of pensions and social security very likely to erode savings. He makes a strong case for confronting fears and investing in stocks which - IF they are the right stocks and meet his very specific criteria - can lead to greater financial security (he favors global investments). And he underlines the importance of setting the course as early as possible, ideally when investors are in their 20s and 30s, so they can take full advantage of time and the power of compounding.

I read investment and financial management books regularly and....yes...some of what is included here repeats the basics covered in other books. But there is a significant amount of new information as well. O'Shaughnessy has very clear guidelines for the companies which meet his requirements and lays out a set of basic principles and rules for his "Millennial Money Strategy" : go global, think differently, and get out of your own way. These guidelines are followed by an investor checklist and ranking approach for analyzing stocks.
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