- Hardcover: 208 pages
- Publisher: Wiley; 1 edition (March 8, 2010)
- Language: English
- ISBN-10: 0470496495
- ISBN-13: 978-0470496497
- Product Dimensions: 6.3 x 0.8 x 9.3 inches
- Shipping Weight: 12.6 ounces (View shipping rates and policies)
- Average Customer Review: 3 customer reviews
- Amazon Best Sellers Rank: #3,065,771 in Books (See Top 100 in Books)
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Investing Without Borders: How Six Billion Investors Can Find Profits in the Global Economy Hardcover – March 8, 2010
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From the Inside Flap
There is no little league on Wall Street and no white belts. Hereor abroad, you're immediately put in with the black belts: the bestand the brightest. Think like an amateur—by attempting toinvest like a robot or following the leader—and yourportfolio will quickly suffer.
While many investors are smart, creative individuals, whenexposed to the herd, they tend to follow group mentality andsuccumb to what the people around them believe. Avoiding this trapcan mean big profits for you. In Investing without Borders,author Daniel Frishberg—a financial professional with morethan thirty years' experience in the industry—shows you howto break from the pack and build a winning portfolio.
Investors in the old economy didn't think critically aboutchanging economic or political conditions around the world. Theynever really had to—especially with the enduring dominance ofthe U.S. economy. Investing without Borders takes you awayfrom this outdated, and costly, mentality by putting our changingfinancial environment in perspective. Throughout the book,Frishberg discusses what it takes to successfully invest—bothdomestically and abroad—and provides practical examples tohelp drive his points home. Page by page, this reliableresource:
Explores the importance of diversifying and escaping the "herd"mentality that hinders most investors
Shares insight into investing for the long term and takingadvantage of the growing world economy
Details the staggering amount of resources being applied to theglobal boom and what this means for your investments
The lessons of this book go beyond today's economic crisis. Theyprovide you with an insightful examination of the skills needed tobe a proactive investor and find diverse investment opportunitiesin the emerging economy. If you intend on capturing considerableprofits by going out on your own, then Investing withoutBorders is the book for you.
From the Back Cover
Praise For Investing Without Borders
"The dollar's stomach-turning volatility should remind wiseinvestors that they must look beyond our borders to protect andgrow their capital. Daniel Frishberg's book is thus prudent,essentialand very timely."
Steve Forbes, Chairman & CEO, Forbes Media
"If you want to earn superior returns, your investing can't haveborders. Dan makes a compelling case for investing outside of theU.S. and does so in a commonsense fashion that makes an otherwiseconfusing strategy easy to understand. I recommend this book toanyone seeking diversification."
Jon Najarian, cofounder, TradeMONSTER.com
"Investing without Borders is shorthand for you MUST invest3050 percent of your equity portfolio where the growth isover the next decadethe new emerging middle-class regions ofthe world. In this book, Dan has taken a unique approach todiscussing an important aspect of investing."
Tobin Smith, founder, ChangeWave Research
"Dan Frishberg is definitely onto something. When you considerthat 25 percent of the population in China with the highest IQs isgreater than the total population of North America, and in India,it's the top 28 percent, you have to agree these and other emergingmarkets are a force to be reckoned with. It would be an enormousmistake to eliminate many of the leading countries from yourinvestment portfolio. Dan makes this case very effectively."
Raymond J. Lucia, Host, The Ray Lucia Show; author of Bucketsof Money
"In this no-nonsense book, Dan Frishberg has created aneasy-to-understand guide to a wild world of opportunity. This is amust-read for all investors. Think of it as your personal passportto profits."
John Dessauer, President, John Dessauer Investments; Editorof John Dessauer's Outlook
"Reading Investing without Borders is like having a personalconversation with a trusted, knowledgeable friend. What happens inU.S. markets depends on events in China, India, and the ArabianGulf. Today's investors must understand that world if they want toseize the opportunities it brings and protect their wealth againstits risks."
Dr. John Rutledge, Chairman, Rutledge Capital LLC
"Common sense and observing what is going on in the world leadus to the inexorable conclusion that anything other than globalinvesting is essentially under-investing. Dan has compiled alifetime's worth of experience in this book."
Michael Holland, Chairman, Holland & Company LLC
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There are some nice moments. Frishberg deftly explains bonds by comparing them to rental properties, for example. He talks, relatively briefly, about how the world's need for water may provide some outstanding investment opportunities. He includes several entertaining transcripts of interviews conducted on his radio show (although there are so many extraneous details it seems surprising he didn't transcribe the commercials, too).
But it's hard to get past Frishberg's political diatribes and his smugness ("I can almost see you evolving as you're reading this" and "If I were you, I'd mark this chapter and come back to it often - maybe every time you start to think about your investments" and "you will be a witness to how one of the most successful nine-figure portfolios in the country is managed" and "My mom used to warn me when I was a kid trading silver contracts to make it through college..."), as well as assertions like these:
* "We (the US) started writing music and developing the arts while many countries were still trying to figure out how to build roads." (The Renaissance happened well before this country was founded.)
* "Face it, nobody goes to the library anymore." And "In every major city in the United States the public library is virtually empty." (Untrue in my experience, and I suspect Frishberg is simply assuming others are like him.)
* "Not one person who relies on analysts' earnings forecasts has made any real money in many, many years - not one." (It is impossible to prove this statement.)
* "If you're trying to win love rather than trying to win because you're playing for money, it's going to make you weak every time." (True if you choose to measure strength purely in financial terms, which sounds like a lonely way to go.)
* "Securitization, credit default swaps, collateralized debt obligations - these are all newly engineered types of cash, designed to create enough capital to feed the hungry, developing global economy. And most certainly, this financial engineering will eventually prove to be the answer, right after more of us learn to navigate the complexities." (As Michael Lewis so ably illustrated in The Big Short, the whole point of those complex instruments is to confuse nearly everyone and enrich only those pulling the strings.)
* "So the families who make up the one and a half percent of the population (the ones who are in the more-than-$250,000 range) are going to be charged with paying it all back. If you look at that as a 20-year mortgage, that's $5 trillion shared among those people, leaving each one of them owning about a $2 million mortgage! It's simple math, and it means that they'll have about $179,000 a year worth of mortgage payments facing them. Don't forget, they only make $250,000." (No, they're in the "more-than-$250,000 range" and it's fair to assume many make quite a bit more than that.)
* "When the accounting standards were modified the problem (bank credit crunch) disappeared." (There's a problem? Change the accounting standards. Problem solved!)
* "I say Blackstone is a stock you can learn about, get confidence in, and buy and sell several times in your life. Whether the market falls too in love or gets too panicked - at either extreme the market will be wrong because Blackstone is just gonna keep rolling along, basically ignoring the market and the government and the regulators. Remember, these are the smartest guys in the room." (Where have I heard that phrase before? Oh, yeah: Enron! Interestingly, elsewhere in the book, Frishberg says "you don't often hear me giving specific stock tips or stock advice, and I certainly couldn't do it in a book." Blackstone's one of a dozen or so companies recommended in this volume.)
* "How about I take all 150 homes (originally sold at $250,000 and currently priced at $150,000) off your hands for 80 grand apiece? You'll be out of trouble, the homes will be absorbed by people who can now afford to live in them, the neighborhoods won't be blighted, life will go on, and everybody wins." (Except for the pesky implications of deflation.)
* "Stop listening to the whining herd and think for yourself. That's what I'm here for. That's what this book is providing that nobody else does for you." (Huh? If I'm supposed to think for myself, why would I want Frishberg to do it for me?)
After writing this review, it dawned on me to look into the author a bit more closely. So I Googled "Frishberg" and a few other terms, including "SEC." Suffice it to say I wish I'd done that before I bought the book.