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The Winning Investment Habits of Warren Buffett & George Soros Paperback – August 22, 2006
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"Mark Tier's mapping of investment genius is simply masterful. What lifts his book even further is his infectious delight in discovery and clarity of explanation as he hands you the attitudinal and behavioral keys to becoming the consummate investor." -- David Gordon, author, Expanding Your World: Modeling the Structure of Experience
"...a stunningly simple, but highly intelligent and effective idea: Analyze the methods of Buffett and Soros and see exactly why they're so successful. Soros's and Buffett's methods are often so different -- yet, as Tier shows, the keys to their success are amazingly similar" -- Doug Casey, editor, International Speculator
"Demonstrates that Buffett and Soros both practice exactly the same mental habits and strategies" -- What Investment
"What do Warren Buffett and George Soros have in common besides their self-made investment fortunes? Well, neither takes big risks or diversifies.... Instead, both are cautious investors who have learned how to protect their capital. Oh, and neither follows analyst reports--ever." -- U.S. News & World Report
“...Tier teaches readers to invest smartly by delving into the skills, philosophies & investment strategies of some of the world's richest self-made men...” ―Publishers Weekly
“[He] has chronicled the mental habits that made Buffett and Soros the world's richest investors – and allowed him to give up the rat-race.” ―Jennifer Hill, The Scotsman
“One of the most exciting investment books to come down the pike in a while.” ―Laissez Faire Book Review
“…Tier's approach is especially valuable because Soros's and Buffett's methods are so often different- yet, as Tier shows…amazingly similar. Great book – something I rarely say about this genre.” ―Doug Casey, editor, International Spectator.
“...great read…I recommend it…gets to the essential reasons for the investment success of Soros and Buffett better than any other book I have read…” ―Chris Weber, editor, The Weber Global Opportunities Report
“Tier has written an excellent book. His chapter on exit strategies alone...is worth the price of the book.” ―Dr. Mark Skousen, editor, Forecasts & Strategies
From the Author
I also met several novice investors, analyzing their poor investment habits to contrast with the successful ones.
I gave copies the manuscript to all of them, and asked them all for their comments.
Here's how I expected they would react:
- The successful investors would come back and tell me where it sucked -- where I'd made mistakes, bloopers, and so on;
- The novice investors would use it to improve their investment results.
One point of clarification: just how successful were these two successful investors?
Both these men had achieved independent wealth through their investing. One, then in his sixties, was twenty when he arrived on Wall Street and became a millionaire before he turned thirty -- by investing on his own account, not hustling investments to others. The second started a bit later, but was also independently wealthy.
Both had made enough money from their investments to sit on their thumbs for the rest of their lives.
I had learnt from them -- what could they learn from me? Nothing at all, I assumed.
They both thought differently:
- "Here is a different way of looking at the investing process. Maybe I'll learn something."
One of them tweaked his exit strategy, based on my exposition.
This is, unquestionably, the greatest compliment I've ever received on this book.
Compare that reaction to that of "Henry," whose reaction was typical of several novice investors I talked with.
I spent enough time with Henry to get to know him reasonably well. In his early twenties, he had accumulated about $10,000 and had been investing on the stock market for about a year. His results weren't appalling, but he'd have done better if he'd left his money in a index fund.
Did he apply the habits, or attempt to?
Did it make him think more deeply about his strategy or anything else related to his investments?
Not as far as I could tell.
id it make any difference to his life?
Aside from an enjoyable read, not in any discernable way.
A psychological attack on would-be traders?
A few reviews of The Winning Investment Habits of Warren Buffett & George Soros are rather, how shall I put it? -- decidedly uncomplimentary.
One (on Amazon.co.uk) describes The Winning Investment Habits as a "psychological attack on would-be traders."
As far as I can tell, all I did was point out that trading is far more stressful than investing.
When you're under pressure, you're more likely to make mistakes.
When the pressure is unrelenting, you can burn out.
Traders burn out; investors don't.
Even Soros burnt out; Buffett never has.
Soros learnt how to deal with stress, partly by delegating some or all of the responsibility to others and acting as "coach" rather than trader. The result: he can come back into the saddle when necessary, totally refreshed.
Which is exactly what he did in the middle of the financial crisis of 2008. He took back control of his Quantum Fund: while everyone else on Wall Street was losing their shirts, he was up over 30% for the year.
If you're so good, why write a book?
I wrote this book because I'm a writer. That's what I love to do. The best way for me to learn something is to write about it.
Writing this book was the end of a long quest for the keys to successful investing. In the process of identifying the 23 Winning Investment Habits I realized my problem wasn't a lack of knowledge; the problem was me. My own mental habits. I worked hard to change them. The result: the returns from my investments now pay the rent, send the kids to school, put food on the table, and so on.
Every morning, I can choose to do with my day whatever I wish (including sleeping in).
Mostly, I choose to write.
Wouldn't you like have a life like that?
If I can do it, so can you.
More About the AuthorsDiscover books, learn about writers, read author blogs, and more.
Top Customer Reviews
The book caters to a broad audience with investment advices that will prove beneficial to even the most seasoned investors. Beginners will love the book's approach detailing a step-by-step mental checklist to go through when making investment decisons. I am truly impressed by the author's careful research of coming out with 23 winning habits employed by the world's most successful investors including Warren Buffett and George Soros. I always thought that Warren is a true long-term investor and business owner whereas George is a amazing speculator taking advantages of current market conditions. Their investment philosophies must be worlds apart. Boy, was I wrong. As the author points out, they both have the same 23 winning investment habits as they go thru the same mental checklist when making investment decisions! This book is indeed a revelation.
I won't spoil the party by telling you what the 23 winning habits are. But I promise that each page is a head-turner and you will learn so much and improve your investment record up a notch for every habit that you acquired and practiced. It is one of those rare investment books that I have read cover-to-cover for a great many times and still find the urge to refer back to it. I am sure you will too!
Soros is a trader, Buffet is an investor, but they both have similar rules that fly in the face of the wall st. gurus. The book details 23 winning habits of both Soros and Buffet. Among the habits to adopt, the book stresses the need to separate knowledge from understanding, to do away with the traditional "diversity first" nonsense, and to avoid the habit of seeking validation of ones ideas with the gurus. There is also a useful check list at the back of the book for anyone about to take an investment plunge (not just for stocks).
What's more, the author isn't just another fluffy columnist blathering on - he puts his money where his mouth is and, if his bio is to be believed, lives off his investments. Too many other financial writers are themselves financial train wrecks no better than a chimp at picking stocks. This book teaches the value of learning from others but thinking for yourself. Though it might seem painfully obvious, I don't know too many people who truly follow this advice (until now, myself included).
I don't give five star ratings very often, but this book deserves it. If I had to recommend one investment book to anyone, especially a neophyte, this would be it.
Tier's book helps you do that by taking apart and studying the nuances in Warren Buffett's and George Soros's approaches. Toward the back, it also includes a look at Carl Icahn and John Templeton.
Anyway, Tier breaks these styles down into winning habits. They are great fun to read about and Tier finds anecdotes and stories that you may not have heard before.
It's inspiring reading, actually, and it got me thinking about lots of different things successful investors do.
One of my favorite investment books.
I read the book roughly a year ago and find myself returning to it. I found the strength to be that after reading what Buffet & Soros do in certain circumstances that it immediately forced me to think about how I should handle the same situations whether it be a longterm investment or a shortterm trade.
One can fill their head with reams of product/instrument knowledge, balance sheet/market sector fundamentals, crop report data, economic indictaors, etc. However, it's understanding yourself, your habits good & bad, and what works with your investing/trading approach that is important. Such introspection can lead to consistency in a pursuit that can be anything but consistent.
The 23 point hitlist is a good aid for asking oneself what one is doing right and wrong. This book can take you a step closer in being sucessful in investing/trading. Like anything, it is what you make of it.
On the other hand for those who want a positive approach:
This is a book for buying and referring frequently because, rightly, you need to imbibe the habits and make them part of your mental make up - as adapted for you: not some fixed, rigid one-mix-for-all-diet type.
The only problem is you have to be honest with yourself.
Most Recent Customer Reviews
I've had this book on my shelf for years and just didn't have the time to read it until now. While I am quite well versed on both Buffett and Soros I think that this book does a... Read morePublished 9 days ago by Hamada Kaido
I enjoyed reading this book as this was my first dive into the history and investing success of Buffett and Soros. Read morePublished 5 months ago by trustory
Ok until my device had a operating system upgrade and lost all content.
I enjoyed the compare and contrast approach the author took in presenting strategies and ideas of both Soros and Buffett. Read morePublished 12 months ago by Symmetrix1
I have read hundreds of investment books and this one goes in my top 5. A must read for all investors. I have recommended it to others and will continue to.Published 14 months ago by Clifton W. Mitchell