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The Financial Athlete Paperback – April 13, 2011
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About the Author
Alfredo Balaban is a self-taught investor, business owner, writer, and athlete.
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This is one of many apt quotations cited in 'The Financial Athlete,' here to make the case for the necessity of a solid financial posture. Many of us don't consider how we carry our physical posture; nor do we consider how we carry our financial posture. In the long run, both poor physical posture and poor financial posture are the root cause of chronic pain.
Here are some excerpts from the book on what makes for good financial posture:
"A martial artist should never drop her guard. Defense is ongoing, even when attacking. For example, hands are up for protection while kicking....Investors would be wise to always maintain a defensive posture. Be selective about what to invest in. Many properties and stocks are not worthy of investment. Shun thinly traded stocks (a money trap), stocks of distressed companies, and the purchase of call options. Gambling is not investing...."
"...From the earth, the martial artist draws power in his stance, punches, and kicks. Without being connected to the earth, his opponent can toss him like the wind tosses a leaf. It is equally important for investors to feel connected to the earth. By doing so, he does not allow himself to be carried away with projections of medium-term and long-term future earnings. He knows with the passage of time too many variables come into play, maybe even hapless ones no one preconceived. To be grounded is to dwell on WHAT IS more so than what will be. WHAT IS has certainty. What will be has no certainty."
"To move from the center in the mind is to maintain equanimity, to not be easily swayed by emotions and the opinions of others....Often an investor's biggest mistakes are driven by anger or worry or greed or haste or exuberance or fear. If you are forced to make a quick decision on an investment, reject the offer. All decisions on investing should never be made in haste. Deliberate."
"Intuition is another sensory modality, especially if honed by experience. If an investment opportunity doesn't feel right and you don't know exactly why, don't try to reason against the gut feeling. Just walk away. On the other hand, don't jump in on an investment just because you've got a positive gut feeling about it. Wait for a 'line of connection' between your intuition and sound reasoning."
Overall, 'The Financial Athlete' is an entertaining and informative guidebook on the proper mindset leading to financial freedom. Its lessons are transmitted through storytelling, in addition to reaching us through our familiarity with sports and movement of the body. This certainly is a memorable approach for learning about investing.
I've never been much of a 'finance' person, and a dry finance book would bore me silly. That's not what this book is at all!
It's full of so many inspiring stories that I can weave into other areas of my life, and gives many ancient and modern examples of how the choices we make either set us up for success or sabotage (or lukewarm results).
Weaving things together in this way is a very creative concept.
A very well written book where the author searches and explains the symbioses between such different worlds like sports and finance!
A must read for those who love sports and have little or no knowledge about how the investment world works... or the other way round!
Thank you Mr. Balaban. I loved it!