- ASIN: 1883328292
- Package Dimensions: 9.1 x 6.6 x 1.1 inches
- Shipping Weight: 1.6 pounds
- Average Customer Review: 6 customer reviews
- Amazon Best Sellers Rank: #897,412 in Books (See Top 100 in Books)
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Investing At Level3 Level 3 Hardcover – 2016
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For those that are not familiar with him, he makes a number of valid points in this book. The length of the book seems a bit long to develop his theses and present you with actionable suggestions.
The core argument of the book is interesting -- hold more cash/short term fixed and more equities and you will -- after many years -- have more dollars in your portfolio. However, behavioral finance studies show that this is a very hard approach psychologically.
My biggest critique is the most practical part of the book --Plan Z which uses index funds (I am convinced that stock picking is a losers game and active fund managers are selling snake oil.)
Dr. Cloonan's choice and admixture of passive funds is curious and even erroneous by his own logic. I don't see the independent evidence that equal weight index funds have actually outperformed. He gives no evidence that his weight for real estate funds has been rationalized.
I will have to give the book -- the first half is quite boring and impractical --a "Gentleman's C" grade and I honestly think if AAII is going to promote an investing book, they should widen the choices in all fairness. I would not endorse this plan of investing, having been an long-term investor and reader of many books including Bogle, Siegel, Bernstein, Swedroe, Ferri, all very learned authors.
Note: AAII refers to the American Association for Individual Investors and their monthly journal of which Dr. James Cloonan is the founder. The book is available from them directly. A really good alternative is Rational Expectations by William J. Bernstein, M.D.