- Series: Wiley Investment Classics (Book 45)
- Paperback: 200 pages
- Publisher: Wiley; 1 edition (August 31, 2009)
- Language: English
- ISBN-10: 0470824344
- ISBN-13: 978-0470824344
- Product Dimensions: 5.6 x 0.7 x 8.6 inches
- Shipping Weight: 5.6 ounces
- Average Customer Review: 1 customer review
- Amazon Best Sellers Rank: #5,875,204 in Books (See Top 100 in Books)
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Honglou Fortune: Wealth For Generations (Wiley Investment Classics) Paperback – August 31, 2009
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Read author interviews, book reviews, editors picks, and more at the Amazon Book Review. Read it now
It has been said the mark of a good action is that it appears obvious in hindsight. As similar sentiments apply to making investments, Honglou Fortune will be an insightful and worthwhile read for anyone interested in financial planning.--Vincent Cheng, Chairman, The Hongkong and Shanghai Banking Corporation Limited
From the Inside Flap
Adopting the original characters and their personalities from Honglou Meng (Dream of the Red Chamber), Honglou Fortune develops a novel storyline with a twist. The unchanging principles of wealth management and investment are narrated through the overlapping of ancient and modern times. With a fresh perspective and some brand new principles, Honglou Fortune brings the abstract concepts of wealth management well within the reader’s reach.
While providing a sense of novelty, this book clearly presents investment and wealth management topics, including:
- Three steps to effective management of family finances.
- How to balance the risks one undertakes.
- Different investment combinations for different life stages.
- How to build an investment portfolio.
- How to balance investments’ intrinsic values.
Upon completing this book, readers will be one step closer to realizing their own dreams of financial freedom.
Top customer reviews
This book consists of 36 easy-to-read chapters and each chapter depicts the vast difference of knowing and not knowing how to manage wealth in an optimal and astute manner. It begins with the storyline of an eminent and well off three-generation extended family without the knowledge of wealth planning. Most of the family members flaunt their assets to live lavish lifestyles and they do not know how to maintain or appreciate value of their assets. Although they have attempted to accumulate wealth after many trials and tribulations in different investment vehicles such as stocks (P.14, P.88), money market funds (P.52, P.82, P. 94), bonus insurance policies (P.106), gold and foreign currency (P.177), and treasury bonds (P.185), such investments fail to deliver satisfactory performance to them due mainly to their herd mentality (P.15, P.89), mismatch between life cycle and investment expectations (P.53, P.192), paucity of accounting knowledge (P.126), wrong identification of investment experts (P.22), misunderstanding of the proportional relationship between risk tolerance and investment return (P.20, P.82, P.167), lack of a merge account to manage their family assets (P.115), and short-sighted wealth planning (P.16).
This book helps readers to have a full understanding of the importance and fundamental principles of wealth planning. There is a plethora of financial writings on wealth management for practitioners (Hallman and Rosenbloom "Private Wealth Management: The Complete Reference for the Personal Financial Planner", Horan "Private Wealth: Wealth Management in Practice") and the key value of this book is that the author uses the simplest language to help readers to understand salient features of key financial vehicles and how a well-structured wealth management portfolio can help people to maintain and accumulate their wealth. The final part of each chapter consists of a vivid cartoon which narrates the essence of wealth management to readers.
However, this book has its own limitations. First, readers from the western and non-mainland Chinese world find that salient features of some of investment vehicles are only applicable to the China market (P.107, P.157). Therefore, the target readers of this book should be from mainland China and if the author intends to make a commitment to educating the general public and to spreading investment knowledge about wealth management in China, this book should be published in Chinese instead of English. Second, the writing and publication of this book is sponsored by a large fund management firm in mainland China and some of the pages contain promotional information (P.60) about the investment products they are marketing to their clients. Since all of the books included in the Wiley Investment Classics are written by world-class investment practitioners and professors (George Soros, John Brooks, Charles Kindleberger) and their thoughts sparkles with the best of their wit, insights, and passion for finance, the reviewer is quite doubtful if this book can be as authoritative as other classic books included in this series. Third, this book is not the authentic storyline of Dream of the Red Chamber and readers from the western world should be reminded that this book does not inherit the intention of the original author, Cao Xueqin, who was written in blood and tears to create an illustrious family at its height and subsequent downfall and a detailed observation of the life and social structures of the Chinese aristocracy in the eighteenth century.
Despite its limitations, this book is still recommended to readers who lack "fundamental" knowledge and experience in wealth management.