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The Successful Investor Today: 14 Simple Truths You Must Know When You Invest Hardcover – September 24, 2003


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Editorial Reviews

Review

"Larry Swedroe hits the bullseye every time. If you want to dig out from your losses and set a new course for the twenty-first century market, read this book."
--Jane Bryant Quinn, Newsweek columnist and coauthor of Making the Most of Your Money

"It's the rare financial-services professional who truly understands the psychology of the markets and investors. It's the rarer money man who can write. Larry Swedroe is both, as The Successful Investor Today will prove beyond the shadow of a doubt."
--Gary Belsky, co-author of Why Smart People Make Big Money Mistakes and How To Correct Them

"Those seeking the truths of the financial marketplace have just hit the jackpot. Mr. Swedroe provides fourteen of them: profitable and entertaining doozies one and all."
--Bill Bernstein, M.D., author of The Four Pillars of Investing and The Intelligent Asset Allocator


"If you want to dig out from your losses and set a new course..., read this book." (Jane Bryant Quinn, Newsweek columnist and coauthor of Making the Most of Your Mo)

It's the rare...professional who...understands...the markets... It's the rarer money man who can write...Swedroe is both... (Gary Belsky, co-author of Why Smart People Make Big Money Mistakes and How To Co)

"Those seeking the truths of the financial marketplace have just hit the jackpot. Swedroe provides fourteen of them..." (Bill Bernstein, M.D., author of The Four Pillars of Investing)

From the Back Cover

Advance Praise for Swedroe's New Book

"Larry Swedroe hits the bullseye every time. If you want to dig out from your losses and set a new course for the twenty-first century market, read this book."
--Jane Bryant Quinn, Newsweek columnist and coauthor of Making the Most of Your Money

"It's the rare financial-services professional who truly understands the psychology of the markets and investors. It's the rarer money man who can write. Larry Swedroe is both, as The Successful Investor Today will prove beyond the shadow of a doubt."
--Gary Belsky, co-author of Why Smart People Make Big Money Mistakes and How To Correct Them

"Those seeking the truths of the financial marketplace have just hit the jackpot. Mr. Swedroe provides fourteen of them: profitable and entertaining doozies one and all."
--Bill Bernstein, M.D., author of The Four Pillars of Investing and The Intelligent Asset Allocator
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Product Details

  • Hardcover: 336 pages
  • Publisher: Truman Talley Books; 1st edition (September 24, 2003)
  • Language: English
  • ISBN-10: 0312309791
  • ISBN-13: 978-0312309794
  • Product Dimensions: 9.2 x 6.3 x 1.1 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (18 customer reviews)
  • Amazon Best Sellers Rank: #1,771,466 in Books (See Top 100 in Books)

More About the Author

Larry Swedroe is principal and director of research for Buckingham Asset Management, LLC, a Registered Investment Advisor firm in St. Louis, Mo. He is also principal of BAM Advisor Services, LLC, a service provider to investment advisors across the country, most of whom are affiliated with CPA firms. Previously, Larry was vice chairman of Prudential Home Mortgage. Larry holds an MBA in finance and investment from NYU, and a bachelor's degree in finance from Baruch College.

Customer Reviews

4.8 out of 5 stars
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See all 18 customer reviews
This book is a must read for any self-directed investor.
"tsmccann"
He distills and presents a lot of Finance research in this book in a very very readable form.
Mohan Srinivasan
The hope of beating the market is very alluring for investors.
Ron Ross

Most Helpful Customer Reviews

37 of 37 people found the following review helpful By Dale C. Maley VINE VOICE on May 28, 2006
Format: Hardcover
I was very impressed with this book and give it an A. Swedroe's investment advice is excellent and the writing style is very easy and fun to read.

I read all 4 of Larry Swedroe's stock investing books in the last few weeks, and although they are excellent books and I agree with most of his recommendations, he tends to re-use the same information in each book. To keep this book straight in my mind, compared with the other 3 books, this review is structured along his Outline of the book.

Truth 1: Active Investing Is a Loser's Game: It Must Be So

Larry lays out the case why active investing always loses to passive investing.

Truth 2: The Past Performance of an Actively Managed Fund Is a Very Poor Predictor of Its Future Performance

He does a good job of citing many studies demonstrating that past performance is not a good predictor of future performance.

Truth 3: If Skilled Professionals Don't Succeed, It Is Unlikely That Individual Investors Will
Truth 4: The Interests of Wall Street and the Financial Media Are Not Aligned with Those of Investors

He points out why passive investing is not promoted by Wall Street and the financial media.
Read more ›
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25 of 25 people found the following review helpful By dennis wentraub on November 17, 2003
Format: Hardcover Verified Purchase
Readers of Larry E. Swedroe's earlier books (including What Wall Street Doesn't Want You to Know and Rational Investing in Irrational Times) will find themselves in familiar territory here: Active portfolio managers underperform their benchmark indexes by about 1.8% even before taxes. Capturing the "incremental" advantage needed to justify portfolio management fees, trading costs, and tax consequences in an efficient market can happen, but it is more luck than repeatable insight. Exploiting the market's inefficiencies, its "anomalies", in a consistent way is impractical, because the markets do their job and adjust quickly to news. Ultimately, active stock selection and market timing are a loser's game not worth playing. Indeed, individual stock selection is a gamble for Swedroe since it it an example of "uncompensated risk" that can be so easily diversified away. The problem is that investors underestimate the great number of stocks that do poorly because of the spectacular results of a few. Better to own low cost, tax efficient, passively managed index funds. Diversify across a broad range of non-correlated asset classes to reduce risk. Use large and small company stocks, international and emerging market stocks, bonds, and real estate. Then focus on lowering management fees and owning funds that control capital gains taxes to reduce the drag on returns. So much of this reworks the author's earlier writing that readers will not miss a lot by choosing just one of his books. Still, "The Successful Investor" tries to update the material. And there is some good thinking on the risk of value stocks (versus growth stocks) and their relative performance during inflationary periods.Read more ›
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20 of 21 people found the following review helpful By A Customer on January 8, 2004
Format: Hardcover Verified Purchase
One day in Las Vegas, I realized the best way to make money with gambling is to own the casinos. I never gambled again. Even better, I later realized the best way to make money with stocks is to be a broker, write an investment newsletter or manage a mutual fund. After all, if these guys know so much about investments, why are they hawking their expertise rather than just making a personal killing in the market?
After reading "The Successful Investor Today," I realized I was right! The odds are against you as a stock picker or mutual fund investor. Every time you win, you lose. You whet lots of little beaks every day. The behind-the-scene guys take their cut whether you make money or lose money.
Fortunately, your odds of winning tilt to your favor when you invest in the planet's commercial future. Larry Swedroe explains how you can do this without whetting the experts' beaks.
I've read several investment books and this was by far the best. It makes the most sense and explains why investing is so hard.
I wish the book had been a little more specific on how to work out your own allocations and where to buy some of the international investments. I was going to give the book four stars, but the author quickly answered my email questions and I'm in business!
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14 of 14 people found the following review helpful By Ron Ross on October 9, 2003
Format: Hardcover
I am the author of The Unbeatable Market: Taking the Indexing Path to Financial Peace of Mind. My book reaches essentially similar conclusions as does Larry Swedroe's The Successful Investor Today. Through his previous books, articles, and lectures Swedroe has been a tireless and effective advocate for what mountains of evidence proves is a superior way to invest-- passively managed index funds. Wall Street rejects passive management because it's antithetical to its self-interest. Swedroe makes this clear in Truth 4: The Interests of Wall Street and the Financial Media Are Not Aligned With Those of Investors. The hope of beating the market is very alluring for investors. That's why the "14 Simple Truths" of Swedroe's book are so vital for investors to know. Knowledge is the best defense against Wall Street's massive con game. His book is well written, well documented, and highly readable. If you're an investor, do yourself a favor and buy this book.
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