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Steven R. Selengut

The Brainwashing of the American Investor: The book that Wall Street does not want you to read! Hardcover – October 30, 2007

by Steven R. Selengut (Author), Peter Bono (Illustrator)

54 ratings

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The Brainwashing of the American Investor is a hands-on, practical investing manual that challenges the prevailing wisdom to put your trust blindly in Wall Street. Author Steven Selegut explains how The Street s investment trend of-the-moment may actually be more for the investment house s benefit than your own. There is no one-size-fits-all winning formula to make money on Wall Street. Selengut has spent more than thirty years in the investment world developing his tried-and-true working capital model that you can modify for your own financial circumstances. Selengut tells you why you need to think outside the Wall Street box to develop your personal asset allocation plan. Contrary to popular belief, investing is not a competitive event; it is an individual and goal-directed activity. Mutual funds the most common investment vehicle for most Americans are not the best way to grow your nest egg over the long term. Selengut s unconventional but common-sense strategies will help you make the most of your investment dollar. The working capital model outlines a sensible, realistic, and safe strategy for long-term, profitable investing. Master concepts such as: How to develop the asset allocation plan that is right for you. How to identify quality investments. Why income is the only real hedge against inflation. Why mutual funds are not the best way to diversify your investments. Why corrections are every bit as lovable as rallies. How to diversify properly. How to establish the all-important profit-taking sell target and when to take profits. Why commissions and taxes are secondary investment considerations at best. How to monitor investment performance without thinking about market numbers or anything else that is outside of your personal goals and objectives. Why the market value of your equity holdings and that of your income investments are completely unrelated. Why the income generated by your assets is more important than their current market value.

Print length

270 pages
Language

English
Publisher

W&A Publishing
Publication date

October 30, 2007
Dimensions

6.25 x 1 x 9.25 inches
ISBN-10

1934354031
ISBN-13

978-1934354032
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Editorial Reviews

About the Author

Steven R. Selengut, MBA, RIA, has been in the financial services industry for more than forty years. He started investing while employed in a life insurer's pension investment department. At age 25, he gained responsibility for a modest trust portfolio and began his trading career using the working capital model outlined in this book. Selengut's twelve-year adventure in financial services produced an appreciation for the Wall Street environment that helped him fine tune his unique investment strategy. The program's success propelled him into early retirement at age 33 and a new career as a private investment portfolio manager. He developed a unique cost-based approach, with individually managed investment portfolios, low annual fees, and commissions to an uninterested third party. He has built a loyal following of dedicated clients, many of whom have been with him since the beginning. More information about his investment management business can be found by calling (800) 245-0494. Selengut, a native New Jerseyan, lives near Charleston, South Carolina, with his wife and best friend of fifty years, Sandra. They have two grown children and two growing grandchildren.

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Product details

Publisher ‏ : ‎ W&A Publishing; revised edition (October 30, 2007)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 270 pages
ISBN-10 ‏ : ‎ 1934354031
ISBN-13 ‏ : ‎ 978-1934354032
Item Weight ‏ : ‎ 1.35 pounds
Dimensions ‏ : ‎ 6.25 x 1 x 9.25 inches

Best Sellers Rank: #3,723,877 in Books (See Top 100 in Books)
- #7,820 in Introduction to Investing

Customer Reviews:
54 ratings

Customer reviews

5 star		66%
4 star		9%
3 star		7%
2 star		4%
1 star		14%

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Robert K.

The best investment book I have read.

Reviewed in the United States on October 2, 2013

Verified Purchase

I have read my fair share of investment books. Most books contain allot of fluff and stories about things you really just don't care to read. You find yourself skipping paragraph after paragraph to find the information that maybe worth your time.

Mr. Selengut took me by surprise with his book. Every chapter was just fully packed with knowledge and real experience. You can tell this was written by someone who actually invested for a living. It will give you an all new perspective about Wall Street, the crap they sell, and how they are siphoning your hard earned dollars for there self gain.

In my opinion, this book will sink in much better with an experienced investor. I found myself saying "He's right" throughout the book. Mostly because I experienced these lessons first hand. At times I'd have to put the book down and do some research on my own. To truly grasp what the author was talking about. I finished this book with an arsenal of new knowledge and anyone who picks up a copy, will too. The book covers stocks, diffrent types of bonds, closed end funds, mutual funds, money management, asset allocation, profit taking, selection strategies, sector cycles, income, portfolio management, broker services, and Wall Street greed. He doesn't just brush on these topics, he goes into detail about them and how to manage them in a portfolio.

"A profit is a terrible thing to waste!" Steven Selengut

Indeed it is.

5 people found this helpful

Helpful

California reader

High turnover value investing

Reviewed in the United States on December 31, 2009

Verified Purchase

Steve Selengut is a RIA whom I became aware of while searching for an investment advisor a few years ago. I am not a client of his, nor acquainted with him. However I follow his investment articles on the internet.

Steve's investment strategy as presented in this book, I would describe as value investing with a high annual turnover as distinguished from buy-and-hold. He shows in this book that with a modest 10% profit target, and trading several times during the year, one can achieve an annual return of over 20%. One does not have to aim for '10 baggers' etc. He teaches investors to view their stock portfolio much as a business views its inventory - to be 'turned over' through sales. Those readers with a finance background may be familiar with the DuPont formula which shows that ROA can be increased by asset turnover. This is the same principle Selengut uses (although he doesn't call it the DuPont principle). It's an insightful approach and for me, is the great lesson of this book.

For risk management, he does not use market timing or stop-loss orders - he believes that by investing only in high S&P rated companies, one can manage losses. How does his strategy perform in bear markets? In Dec of 2010 he stated that his model equities portfolio had just recovered its Sept 2007 high (ie. after three years). Thus although not immune to losses, this portfolio recovered its losses more quickly than a passive index-fund portfolio for the same period. However the high trading frequency with this strategy would also incur higher costs. I wonder how that would affect the net return, compared to a passive strategy.

Prose-wise, the book is rather wordy, and takes effort to get through. It lacks a summary chapter in which the author's investment strategy is outlined in one place. Instead the investment strategy is laid out piecemeal throughout the entire book. You have to do quite a lot of reading to "get it". Nevertheless, this book provides an approach to high-turnover investing that I have never seen explained anywhere else. Of all the books on investing that I have read, this is one of the few that truly challenges index investing.

5 people found this helpful

Helpful

R Scott Phillips

Invaluable Investing Guidelines

Reviewed in the United States on April 26, 2021

Verified Purchase

The author is spot on. He clearly defines how Wall Street works, how best to create and maintain a portfolio, including taking profits, lots of profits. He teaches you how to achieve 6% to 10% income rather than settling for the 2% or 3% brokers recommend.

Helpful

DWH

This is the book I should have read first

Reviewed in the United States on January 30, 2013

Verified Purchase

What I have to say sounds pretty outrageous, but its all completely true with no exaggeration.

* This book turns the risk/reward correlation on its head - higher reward is actually correlated with lower risk with this approach.
* Higher income from bonds than stocks by using leveraged Closed-end funds!
* Trading blue chips stocks to get consistent year after year 20% returns!
* Selecting winning trades in minutes!
* A winner to loser trade ratio exceeding 20 to 1!
* Managing a portfolio with no more stress than balancing a checkbook!
* A system that mananges cash levels automatically!
* An entry/exit system that generates patience and confidence!
* Consistent month after month returns - all positive compounding!
* Positive results in bull, bear, or sideways markets.

Oh, and sucess without constantly monitoring the market outlook. I had to stop watching the Wall street TV shows that I'd become addicted to as they were getting in the way of making money.

The approach requires effort to learn and practice to coordinate the parts (but the author runs online seminars) and it does become second nature.

There are some things Mr Selengut could add to his next edition that are important to a person trying to adopt the system.
* How to transition a large portfolio patiently and prudently.
* A clearer explanation of how to sort out the better "channel trading stocks"
* How to avoid the failures in the rearward looking S&P ranking system.
* A similar mechanical system for selecting and trading CEFs
* A "Test drive" mini portfolio that can be tried using only a couple of CEFs and small number of equities, that can be used to prove the worth of the approach

I looked at the reviews that gave a low rating to this book and, not to criticize, I see that they did not grasp the most fundamental take-away that this book offers. That is the notion that in the increasingly volatile markets, you need to stop trying to control what you cannot and start focusing on what you can control. You control the growing level of income generation and the increasing size of the capital base that generates it. This is against what wall street preaches but it is what actually works in turning your portfolio into an annuity with a predictable high(20%) payout - and with minimal effort and the ability to sleep through anything that the market throws at us.

In the past forty years I went from mutual fund buy and hold, to active trading (now going on 20 years) and after two years with this system, I see that everything I previously learned was pretty much completely the opposite of what I needed to be doing. I was googling for information on closed-end funds when I found this book, and having the experience I had, I was struck by the truth of what the author was saying and decided to get a copy after studying the sample material. It took some months to actually get the system working right and I made a good number of mistakes but I see that they are nothing to panic over. Most of the holdings that are down now will most certainly come back over the next market cycle and I'm getting dividends that are far better than any bond interest. I only wish I had discovered this book sooner.

5 people found this helpful

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The Brainwashing of the American Investor: The book that Wall Street does not want you to read! Hardcover – October 30, 2007

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