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The Only Three Questions That Still Count: Investing By Knowing What Others Don't Hardcover – April 10, 2012

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The Only Three Questions That Still Count: Investing By Knowing What Others Don't + Markets Never Forget (But People Do): How Your Memory Is Costing You Money-and Why This Time Isn't Different + Plan Your Prosperity: The Only Retirement Guide You'll Ever Need, Starting Now--Whether You're 22, 52 or 82
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Product Details

  • Hardcover: 368 pages
  • Publisher: Wiley; 2 edition (April 10, 2012)
  • Language: English
  • ISBN-10: 1118115082
  • ISBN-13: 978-1118115084
  • Product Dimensions: 6.4 x 1.2 x 9.3 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #51,779 in Books (See Top 100 in Books)

Editorial Reviews Review

Q & A with Ken Fisher, author of The Only Three Questions that Still Count

Ken Fisher
The Only Three Questions That Count really resonated with investors when it first published in 2006. What made you decide to update?
As I wrote in my 2011 book, Markets Never Forget, particularly following big bear markets, investors tend think "now" is different somehow. That problems we face are unique and insurmountable somehow. But folks always think that, and they're always wrong--we just forget.

Following the 2008 credit crisis and bear market and the huge 2009-2010 boom off the bottom, I thought I could revisit the questions to show, first, details change, but human behavior doesn't--not fast enough. And second, to show that if you have a good strategy aimed at knowing what others don't, that can work no matter what the market environment, what just happened or how much people think the world has changed. Nothing works 100% of the time, and things that worked once stop working then start working again later. But if you have a good, scientific method aimed at knowing what others don't--that should serve you well, always. And in updating the book, it was amazing how well the questions and all the examples I used held up.

The financial world has changed quite a bit since 2007--new laws and regulations. How do the three questions still matter in the new financial landscape?
I'd argue the financial world is always changing. Sometimes new regulations are big, sometimes small. There are new innovations constantly. The three questions hold up because they aren't static. They don't rely on rules of thumb that maybe worked a long time ago but now are worthless. They are flexible and form a scientific method helping you see the world more clearly, no matter how much regulations change or new innovations are introduced.

Why would someone who bought the original book need this updated edition?
I've updated nearly every chart and table in the book and most all the data. Plus, there's some updated commentary based on the most recent market cycle that obviously wasn't in the first edition. I've edited it to be a tighter read and a better tool, so readers of the first edition might find something more useful or more powerful in this one.

What do you mean when you say that the only way to beat the market is by knowing what others don't know?
I mean exactly what finance theory says is true, and what is taught in every classroom and in every professional internship but most people seem to forget when faced with the real world. The only way to bet and win more often than not is knowing something others don't. If you don't know something others don't and make a market bet, you might be lucky sometimes and right but probably more often unlucky and wrong. That's not a strategy for long-term investing success.

The world is more interconnected now than ever before. How has this changed the way people approach investment decisions?
In my mind, this is part of a long innovation evolution and in many ways is good. It means there's more information moving faster, which can add to transparency.

But for many investors, the non-stop interconnectedness results in nonstop noise--most of it nonsense. But much of the nonsensical noise looks to many like wisdom--it can be hard for folks to weed through the nonsense to find something useful. If you can do that--ignore the noise--there's so much more you can know now that others don't. But ignoring the noise is a hard skill and most don't try developing it.

My sense is if most folks ignored their TVs and computers for a solid year, they'd have much better investing results than they would have otherwise. They'd be less tempted to make investing moves just for the sake of moving, and that alone can improve results.

From the Inside Flap

In his groundbreaking bestseller, The Only Three Questions That Count, investment expert and longtime Forbes columnist Ken Fisher taught investors to question traditional investing wisdom, interrogate long-held market beliefs and, most importantly, to challenge themselves. And now, in The Only Three Questions That Still Count, he's back demonstrating that the path to better investment results remains knowing what others don't.

Most investors know the only way to consistently achieve investing success is by knowing things that others don't. Yet many investors believe they don't or can't know what others don't—so they continue making market bets based on "conventional wisdom." In the updated edition of The Only Three Questions That Count, Fisher debunks the conventional market myths that many investment decisions are based upon. And he reveals a methodology that allows investors to discover unknown or underappreciated information—information that can form the basis of a market bet.

And the methodology is as easy as asking three questions. The first helps you see things as they really are. The second question helps you see things other investors often miss. And the third will help you keep your unruly brain in line. Investing is a non-stop query session—this book hands you tools that should serve you the rest of your investing career.

Thoroughly revised and updated, this new edition features new content and updated graphs and data. Packed with images, practical advice and anecdotes that show Fisher's ideas in action, the book helps you question how you think about the market, its component parts and even individual stocks. Taken together, Fisher's three questions can help you make better investment decisions by identifying what you—and you alone—can know and how you can profit from it.

The key to better investment returns is daring to challenge yourself and what you believe to be true, and in The Only Three Questions That Still Count, Ken Fisher explains how, in his own inimitable style—giving you the tools you need to outthink the market.

More About the Author

Ken Fisher: CEO of Fisher Investments

Ken Fisher is founder, Chairman and CEO of Fisher Investments, an independent money management firm managing tens of billions of dollars for large pension plans, endowments, and foundations globally, as well as thousands of high net worth individuals.

Ken Fisher: Forbes Columnist

Ken Fisher is best known for his over 30 year tenure as Forbes' Portfolio Strategy columnist--the third longest running columnist in Forbes 90+ year history. Third-party research firm, CXO Advisory Group's "Guru Grades" ranks Fisher among the most accurate stock market forecasters over recent years.*

Ken Fisher: Bestselling Author

Ken Fisher has written ten books on investing and personal finance, four of which were New York Times bestsellers. Recent books include 2013's The Little Book of Market Myths, 2012's Plan Your Prosperity, 2011's Markets Never Forget, 2010's Debunkery, 2009's How to Smell a Rat, 2008's The Ten Roads to Riches, and 2006's The Only Three Questions That Count - all published by John Wiley & Sons. Other books include 1984's Super Stocks, 1987's The Wall Street Waltz, and 1993's 100 Minds That Made the Market. Ken Fisher's books have been translated into 9 languages, reaching over 3/4 of global GDP.**

Fisher Investments Press

Ken Fisher's firm, Fisher Investments, embarked on a publishing imprint with John Wiley & Sons in 2007, focusing on investing-related topics. Titles published under the imprint, Fisher Investments Press, so far include 20/20 Money and Own the World and the Fisher Investments On series, which focuses on the 11 primary investing sectors. The series includes in depth coverage on nine popular financial sectors, and Emerging Markets.

Other Ken Fisher Contributions

Ken Fisher has been published, interviewed and/or been written about in many major American, British, Canadian, German and Swiss finance or business periodicals. Fisher has been on the Forbes 400 list of richest Americans and the Forbes Global Billionaire lists since 2005. Ken Fisher is also on Investment Advisor magazine's prestigious IA-30 list of the 30 most influential people in and around money management over the last 30 years.***

* Based on a report completed in 2013 by CXO Advisory Group. The final report, titled "Guru Grades", contains accuracy ratings for 68 forecasters collected over a period from 2005 to 2012 including market forecasts by Ken Fisher as published in Forbes. Ken Fisher's market forecasts in Forbes represent his personal forecasts of the overall market and are not an indication of the performance of Fisher Investments. Not all forecasts may be as accurate as those in the past. Investing in securities involves the risk of loss. Past performance is no guarantee of future results.

**Based on countries' official languages and GDP reported by the IMF, as of April 2013.


Customer Reviews

Studies show 2.5x more!
Mainly this book is on how to make intelligent investments in the stock market and put a portfolio together that has a reasonable shot at beating market benchmarks.
Jay Leiserson
Recommend to anyone who is serious about improving their investing results.
William Shewey

Most Helpful Customer Reviews

19 of 20 people found the following review helpful By Jay Leiserson on May 25, 2013
Format: Kindle Edition Verified Purchase
This is an updated version of a book that was published about 6 years ago before the 2008 market crash. I bought the original version back in 2009 and liked it so much that I wanted this update as well. Mainly this book is on how to make intelligent investments in the stock market and put a portfolio together that has a reasonable shot at beating market benchmarks. This is of course harder than it sounds for most people. The book starts from the premise that especially in these days of 24 hour news cycles and the internet any information about the market and individual stocks is baked into stock prices before you can react. What really moves the market is changes in the supply and demand for stocks when either things most people believe are true turn out to be false or when things most people don't believe turn out to be true. For example most people believe that this country is head over heals in debt and that this is a huge drag on the economy. Fisher and Hoffmans show 7 ways from Sunday that this just isn't true and that there is money to be made from betting against this proposition. He gives instructions that are easy enough to follow for using very basic statistical procedures with a spreadsheet like Excel for correlation analysis to ferret out cause and effect relationships to test your investing ideas. There are many other examples too numerous to mention here. So, this book is not for day traders or people who want to take profitable short term positions in individual stocks. It is for those of us with the patience to look beyond the talking heads on CNBC and do a bit of work on our own to understand what makes the market move over the course of a year or more and build portfolios that leverage the author's insights to beat market averages. Based on my experience these ideas do work. My only regret is that I didn't know these principals and strategies 20 years ago!
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17 of 18 people found the following review helpful By pbk63 on September 13, 2013
Format: Hardcover
I have followed Ken Fisher since around 1980 when my boss, general counsel of a top Fortune 500 company, and a very smart individual investor decided to use him for the bulk of his investment funds when he retired. At the time I was surprised. A childless couple, I know part of his reasoning was to have someone in place for his widow to ease life for her after his passing. In fact he was one of the few men I know (I have followed his example) that prepared a survivor's manual for his wife with all the things she needed to know and do on his passing. After his death his widow told me how valuable this was to her. Later, she consulted me after the 2007-8 market decline whether she should continue to use the Fisher organization and I looked into his performance and told her I thought he had done as well as any and she should stick with him. She seems to have been happy she did. So when I saw an offer from him for the book for free I decided to order it from him. Came in hardback form and when I flipped through it I thought it was not really going to be all that helpful to someone who has done his own investing for over 50 years. In part as I am getting older I am considering putting part of my assets with a manager on behalf of my children now that my wife has predeceased me. They are busy with careers and family and less interested in investments generally than am I. I am not convinced yet as the one fund he manages PURIX has not had significant out performance, but am holding my judgement on that.

This is by way of introduction to my review of the book. The book obviously addresses three questions (and this is not a novel so not giving away the ending by noting these!). 1) What do you think you know that is wrong? He uses many examples e.g.
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8 of 9 people found the following review helpful By rednuht on August 24, 2012
Format: Kindle Edition Verified Purchase
This is a great book on investing and debunking investing myths, and the updated edition does an excellent job at including new data up to late 2011. It is not for the layman, however, there are numerous economy and finance terms one must be familiar with to fully grasp the concepts in this book. It is not an easy read, but it's worth every cent.

One major drawback on the Kindle version is that the tables and figures are in very low resolution and some text in the figures is unreadable even when zoomed in. A Kindle Format 8 (KF8) version would be very welcome for this book.
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7 of 8 people found the following review helpful By Jon Fund on September 8, 2012
Format: Hardcover
After reading way too many books on stock picking, option trading, and chart reading, it was enlightening and refreshing to read Mr. Fisher's book on looking at investing from a more macro level. The facts speak for themselves with regard to looking at asset allocation first, and it's overwhelming impact on the total performance of your portfolio. I found the book to be very insightful, and potentially a pivot point in how I personally evaluate and plan my total investment strategy. I'd give this book a solid two thumbs up.
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2 of 2 people found the following review helpful By Mike Morgenstein on May 28, 2014
Format: Hardcover
In the only 3 questions that count, Ken Fisher explicates his information in a rather colloquial way that is concise, facetious, witty and on the mark. in the text Fisher illuminates the fact that many morbid investing decisions are made not because of bad fundamentals, but because of the mind and how it can easily delude a majority of investors ranging from professional analysts to the individual investor. He goes on to explain how many fallible investing "truths" have become concrete and commonplace despite the fact they bear no expediency. He refers to this type of thinking as "stone age thinking" and often mentions that we are deluded by our "stone age" brain that constantly tries and succeeds to deceive us. Some would read the title and possibly surmise that the 3 questions are in regard to fundamentals and would expect 3 good stock picking tips. What the 3 questions are are psychological stock picking tips to help you become a more prudent investor. The 3 questions are (1. What do you believe that is actually false? (2. What can you fathom that others can't? (3. What is your mind doing to obscure you from the truth?

Fisher inquires on many topics such as bond yield significance, inflation, consumer satisfaction, sentiment, CBOE volatility index, price-weighted indexes - such as the apocryphal Dow Jones Industrial Average, value vs. growth, and much more. He also gives you some ideas on building your portfolio with strategies as well as counter-strategies

Ultimately though, The Only 3 Questions That Still Count is very heavy on psychology, and the importance of mental awareness when it comes to investing. It overwhelmingly deviates from investor convention, and does so with cold hard facts and myth busters.
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