Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Jackass Investing: Don't do it. Profit from it. Paperback – May 20, 2011
Frequently bought together
Customers who bought this item also bought
There aren't too many books that are able to both introduce ground-breaking concepts, yet also provide specific strategies to use to exploit those concepts. Jackass Investing is one book that does both. Read this book. --Futures Magazine
I read the entire book on a recent flight. Once I started I couldn't stop. It is very well written. The author clearly shows he knows what he's talking about and expresses his wisdom concisely. Readers will find Dever's investment principles practical and compelling. I highly recommend it to both new and experienced investors. --NIBA Journal
From the Author
The Writing of Jackass Investing
The year was 1999. Everyone "knew" that the sure path to financial independence was to simply buy stocks and hold on for the long run; that a diversified portfolio was one that held a variety of stocks, such as large caps, small caps, and maybe even a few from other countries; that government regulations ensured a safe investing environment; and that commodities and futures trading were a sure path to reduced wealth. I vehemently disagreed and viewed these supposed "truths" to be, in actuality, costly myths. It was in that environment that I resolved to write Jackass Investing.
Over the following decade I cataloged dozens of investment myths, and over the years researched the basis for each one. In this book I condense that list to 20 of the most pervasive. My purpose is not just to expose each myth, but to show people how they can profit by exploiting the myths. This required an extensive amount of research, both to show why each myth is just that - a myth - and not a fact, and also to create the investment approach that you, the reader, could use to profit from the behavior of those people who believed in - and invested pursuant to - each myth.
As a result, Jackass Investing is really two books in one. The first is the print (and electronic) book. It contains 300 pages of research and narrative designed to expose each myth. I've written this book to be entertaining as well as informative, and incorporate numerous comparisons between the myths and popular culture (one of my favorites, and most valuable, is the comparison between George Costanza on Seinfeld and the behavior of most so-called "investors"). The second part is the online "Action Section". It is here that I reveal specific "Trading Strategies" that you can employ to create a "Free Lunch" portfolio. A Free Lunch portfolio produces both greater returns and lower risk than the "conventional" portfolio that is advocated by the vast majority of financial professionals and publications.
My goal, as I state in the Introduction to the book, is "to put to rest the investment paradigm that has been overpreached and accepted without hesitation, despite its obvious flaws, for far too long" and to help my readers "transform their lives and gain what every adult in the modern world dreams of and rarely achieves ... financial security."
If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle edition for only $2.99 (Save 70%). Print edition purchase must be sold by Amazon. Learn more.
For thousands of qualifying books, your past, present, and future print-edition purchases now lets you buy the Kindle edition for $2.99 or less. (Textbooks available for $9.99 or less.)
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
Most of us have at one time or another felt that there is something wrong with all the supposed truths we have been taught in terms of investments but couldn't put our finger on it. Mr Dever's book not just puts words to these feelings but also gives the proofs of why these supposed truths are really just myths and actually dangerous myths for our pocketbooks. In addition he makes us feel that we can trust this mistrust we have in what Wall Street is feeding us and that we are not alone.
He makes it clear that diversification is the only long term approach to investing success but real diversification based on non-correlated assets and strategies as opposed to the usual suspects asset classes we have been taught which it turns out as we all discovered in 2008 were not diversified at all when that was most needed.
I really appreciated his explanation of why Bonds past performance may totally not be indicative of future performance and that in general past performance should not be taken as an indicator of future performance. He points out that if we can't justify why a strategy or asset should perform the same in the future that we should not be fooled by fantastic past performance results....
In the last chapter he gives a number of portfolios to choose from that are diversified both in assets and strategies. The reader has a choice of conservative, moderately aggressive and aggressive portfolios that have better returns than the S&P with half the worst drawdown of the S&P and after all drawdown (how much a portfolio drops from its latest high) is really the biggest concern in investing. Very high drawdowns cause people to trade in and out due to panic and do the wrong thing based on emotions. If the drawdown can be kept to a reasonable amount rationality can trump emotion which is neccessary for long term investment success.
The ability to use the last chapter's choices to create a real diversified portfolio without needing to hire an investment advisor means that this book will pay for itself in spades.....
I read the book from cover to cover over a few short sittings - it was hard to put down. The chapters are written in a provocative and compelling style. I often found myself staring over the top of the book thinking hard about my own investment situation and how the chapter I was currently reading cast a lot of things in a new light.
As the book went on, however, I grew increasingly dissatisfied because there was almost no actionable advice in the chapters themselves. "OK. So what I am doing is wrong. How do I fix it? Am I going to have to read another 10 books in order to act on this new insight?"
I needn't have worried. I went to the website with some trepidation, worried that in fact the book would turn out to be a teaser for some investment product promoted by the author, or that I would have to be constantly coming back to the website as I put a plan into action. Not so. The action section of the book is available as a PDF. What's more, it contains very specific instructions about how you can harness the return drivers mentioned in the book, and in many cases it gives a range of options depending on whether you have $50,000 or $5,000,000 to invest, or whether you like to trade actively or not. Certainly the author makes no secret of the fact that his company can help you with one particular aspect of the overall plan, but he also does not pretend he is the only one. He even names specific alternatives. One almost feels his mention of his own company is a disclaimer rather than an advertisement.
I strongly recommend this book, whether you are looking for plain entertainment, insights and ideas you can apply to your own investing, or a paint-by-the-numbers recipe on how to develop a highly diversified investment portfolio.