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Investing in One Lesson Hardcover – October 19, 2007
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From the Inside Flap
Why are the smartest, most successful professionals so often failures when it comes to investing? Can stock prices really be so illogical that even doctors and lawyers can't figure them out? Ultimately, is it possible for anyone to decipher the financial markets?
Fortunately, the answer is yes. In Investing In One Lesson, investment guru Mark Skousen clearly and convincingly reveals the reasons for the seemingly perverse, unpredictable nature of the stock market. Drawing upon his decades of experience as an investment advisor, writer, and professor, Dr. Skousen explains in one spirited, easy-to-follow lesson why stock prices fluctuate with such apparent irrationality. Lifting back the veil of perplexity and confusion that surrounds the workings of the stock market, Dr. Skousen explains:
*Why good news for the economy is often bad news for the stock market
*Why stocks of old, established companies in shrinking industries tend to be a better investment than shares in rapidly growing firms in cutting-edge fields
*Why stock prices can suddenly skyrocket or collapse--regardless of market fundamentals
*Why initial public offerings often enrich insiders at the expense of the majority of investors
*How Wall Street is like a giant casino--and how it isn't
The perfect investment primer, Investing In One Lesson provides an introduction to everything from day trading to contrary investing to chart-based techniques. Dr. Skousen's book concludes with a comprehensive but simple investment strategy to maximize your returns without having to dedicate countless hours to researching the market. Dr. Skousen packs his book with entertaining personal and professional anecdotes illustrating his central point--that the business of investing is not the same as investing in a business. He offers investors a wide-ranging but accessible course on investing history, psychology, and strategy--all in one lesson.
From the Back Cover
"If you could identify one lesson of investing, what would it be?"
This question, repeatedly asked of Mark Skousen by everyday investors, intrigued the stock market expert. Could he sum up his decades-long experience as an investment advisor, professor, and writer in a single lesson? Was it possible both to explain the cryptic workings of the stock market and also relate a comprehensive investing strategy in just one book? This book represents the definitive answer to that question. With Investing In One Lesson, Dr. Skousen has compiled a primer that will put even the most baffled investor on the road to success in the stock market. Mixing sober investment guidance with compelling stories from Dr. Skousen's years of exploration in the stock market jungle, Investing In One Lesson is an engaging, indispensable guide for surviving and thriving in the peculiar universe of Wall Street.
Top customer reviews
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As the book title suggests "Investing in One Lesson", this book covers briefly on investing (qualitatively aspect). Dr. Skousen spends a major portion of the book explaining why stock prices doesn't necessarily correlates with improving balance sheet in the short term, and the "dangers" of investing.
Being an economist, he took an economics approach to investing, by first reviewing the economic policy, central bank monetary policy (don't fight the Fed!), GDP growth rates, geopolitical events of a country etc.
Dr. Skousen recommends buying dividend stocks, because nothing beats having "real" returns into your pocket from investments. Dividend stocks also tend to be mid or large cap stocks that has been around for many years, and normally do not have extreme valuations. Which in my opinion is a subset of Buffett's principle of buying stocks that have enormous cash-flow. I guess Dr. Skousen is wary of management's malinvestments should they have plenty of cash on hand. Having said that, Dr. Skousen is also aware that should the market drive up the valuation of dividend stocks, it is no longer wise to invest in one (remember nifty fifty).
He also made several other excellent points:
> The most popular road to riches is not through investing, but by creating and expanding your own business (check Forbes list)
> Educating oneself is very important
> "Buy one, rent one, and look for the next deal" strategy for real estate investment
This book would be better if Dr. Skousen would share his investment strategies in more detail and more of personal experiences.
Nonetheless, I would recommend this book to those who hasn't read much on investment.
This is a "must have book" for beginning investors. I would rate its usefullness equal to the "The Millionaire next door" conceptsThe Millionaire Next Door.