Customer Reviews

The Ultimate Investor: The People and Ideas That Make Modern Investment

5 star:		(3)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(2)

 

 

Many interesting topics are addressed in the book, but without much insight or depth. There is a brief intro by the author, followed by what might be an e-mail exchange with someone else on that particular subject. Not much insight. In at least some instances, many important authorities for a subject are not mentioned.

I bought the book based on all of the other reviews, which seem to be very positive. My experience was quite different. To me the treatment was introductory and basic, so someone with some familiarity with finance might want to look elsewhere.

There has been no book written like this in the field of investments. Dean LeBaron has been one of the most successful money managers in recent times. He is also a gifted writer who together with his co-author, Romesh Vaitlingam an English consultant and financial journalist, has brought out this book and its companion, The Ultimate Book of Investment Quotations. Both are books which should not only be read and enjoyed for their enlightenment but they can be put into practice as well. The real genius of the authors in The Ultimate Investor is to have been able to bring into one book the wisdom of today's leading investment "gurus" ranging from Warren Buffett, George Soros, Charles Ellis, Peter Bernstein, Peter Lynch, George Russell to Dean LeBaron himself. The manner in which this is done is also rather unique: A set of facts on a given subject whether it be equities versus bonds, contrarian investments, fixed income, growth investing, emerging markets or what have you is followed by a response from the respective guru or expert on the subject. The result is an assembly of investment knowledge in 300 pages which one might easily say could be found in a wall to wall book shelf. This book should be read and studied as well as even practiced in some instances by portfolio managers, investment/financial advisors, market analysts, economists and investors who want to learn what is happening and not just blindly gamble away their assets. There is a wealth of knowledge in this book and it is not only an important reference but if put into practice, much of what the book offers has the potential for one to improve on the performance of his investments and at the very least to understand more about the factors relating to all sorts of investing. After reading this book, one feels as if he has just completed a course at Harvard Business School on the subject and he is now ready to face the complex financial world armed with the knowledge of those who have achieved the pinnacle of success as "The Ultimate Investor(s)."

I agree with the last reviewer. I purchased this book based on the positive reviews, but it is VERY light on content.

I was surprised by the format of this book - it looks like a paperback encyclopedia with five-page articles on a couple dozen topics in Finance. Topics include "Contrarianism", "Market efficiency", "Hedge Funds", and so forth. The title is not too descriptive, in my view. Think of it as "The Ideas That Make Modern Investment". (It's part of a series, "The Ultimate - X".) This one is brief but comprehensive, and its readable style, the use of "point-counterpoint" explanations, and ample cross-references help to create a real body of knowledge in the mind of the reader. If you follow the Wall Street Journal, or other investing books, or even have a couple finance courses under your belt, this book will give you the overview you may have been missing. Highly recommended.

In his review (March/April 2000, Financial Analysts Journal), Martin S. Fridson, a CFA and chief high-yield strategist at Merrill Lynch & Company, New York, describes The Ultimate Investor as "a densely packed collection of insights, problems, and witticisms." Fridson comments on the "book's many practical insights" and its candid treatment of the "problems facing investors." He further observes that the "witticism scattered liberally through The Ultimate Investor make serious and highly useful points." A thoughtful and careful reviewer, Mr. Fridson notes a few flaws but concludes: "it would be remarkable, however, if a few such faux pas did not appear in a book as encyclopedic as The Ultimate Investor. More important is the authors' success in weeding out extraneous material while comprehensively covering the essential elements of their vast subject. Readers should find themselves returning to this valuable reference work again and again."

As an avid student of the markets, as well as an instructor at Yale University for a residential seminar entitled "Market Psychology and the Truth about Derivatives," I find the book The Ultimate Investor both fascinating and intructive. It is a very successful analysis of concepts that defy precision. Without seeming glib or cavalier, Dean LeBaron provides a refreshingly honest format which highlights the issues that have plagued both individual and institutional investors. The Ultimate Investor exposes the limitations of various methods of investment analysis. The Counterpoint approach I find to be particularly useful. Whether it is Market Efficiency and Random Walk, Value Investing, Contrarian Investing, Quantitative Investing, Indexing or Technical Analysis, the authors fully explore the issues. Particularly in that light, this is a very effective approach.