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The Best Investment Advice I Ever Received: Priceless Wisdom from Warren Buffett, Jim Cramer, Suze Orman, Steve Forbes, and Dozens of Other Top Financial Experts Hardcover – November 22, 2006
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From Publishers Weekly
If you can get beyond the tired investment aphorisms-"Save, save, save" and "Buy low and sell high" both make appearances-there is some solid counsel in CNBC anchor Claman's anthology of advice for the novice investor, but little that will help anyone already in the thick of the market. Following her entry on the three guiding principles of "the Greatest Investor of Our Time," Warren Buffett, Claman hands over the reins to a roster of almost 60 contributors, all fulltime professionals with impressive credentials, including some household names (Donald Trump among them). Many wisely advise beginning investors to rely upon their own knowledge, common sense, research and discipline, and to eschew relying upon their financial planner. Familiar arguments are given for investing in no-load index funds and abandoning fruitless quests to beat the market-the latter suggestion made in a nicely written anecdotal piece from John C. Bogle, founder of the Vanguard group. Others, including TV's Lawrence Kudlow, author Robert Kiyosaki, Proctor & Gamble CEO A.G. Lafley and "Adventure Capitalist" Jim Rogers provide a smorgasbord of similarly basic investment advice. Unfortunately, Claman's book is an informative introduction that doesn't carry any follow-through; investing in a more comprehensive guide would probably be sound advice for those seeking it.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
About the Author
LIZ CLAMAN lives with her husband and children in New Jersey.
Top customer reviews
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After reviewing the day's priorities, read a page or a paragraph from this insightful book. Fast forward 10, 20 or 30 years. Many of your team members will be retired--if they have managed their investments prudently. Ask your staff how many hours they have invested in the last 12 months on learning about prudent money management practices?
You can help them prepare for retirement by adding several financial planning books to your resource library, including this one. The subtitle reads, "Priceless Wisdom from Warren Buffett, Jim Cramer, Suze Orman, Steve Forbes, and Dozens of Other Top Financial Experts."
With 20/20 hindsight almost a year after the publication of the paperback (November 2007), it's still revealing to read and discern the wisdom from these 65 business and financial experts.
* "It is startling to know that a $23,000 investment at birth, invested at a 6 percent annual interest rate, would grow to $1,015,334.35 at age sixty-five." (Paul O'Neill)
* "There was a wonderful money manager decades ago who said you should invest the way you play tennis. Unless you're a pro, just try to get the ball over the net. In investing, just try to get the ball over the net and let compounding interest do the rest." (Steve Forbes)
* "His advice was remarkably simple: Save. Save a lot and save often. One of the unique characteristics of Americans is that we generally don't realize that savings and consumption are mutually exclusive. You simply can't do both." (Richard Bernstein)
You'll find more wisdom in this quick-reading book. Buy it and your ROI could be stunning. It's a helpful resource to "The Budget Bucket," one of the 20 buckets in my book, Mastering The Management Buckets: 20 Critical Competencies for Leading Your Business or Non-profit.
What I mean by that is the culmination of expert thought in this book: save early and save often and diversify your investing for the long run. Stay away from fads and short term schemes. To paraphrase Weissenstein, the more people try to hit a home run, the more likely it is that they'll strike out.
Only a couple of the short essays were predictably boring - like Robert Kiyosaki and Alan Miller. However, just picking up a quote here and there from the other contributors was well worth the price of the book. I know I will be using a number of these quotes in the future.
Oh yeah, my favorite quote? that goes to Alan Skrainka: "Investment decisions should be based on investment principles, not investment predictions." Continuously educate yourself so you are prepared for smart decisions and don't try to guess on highs and lows. Watching your money grow over a long period of time may sound very boring, but it is exciting to know you have invested your hard earned money based on the best investment advice you'll ever receive.
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