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Live on the Margin Kindle Edition
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So, while I'm not saying what they propose is impossible and that their isn't some valuable and inspiring information in this book. There is! What I think is missing here is, if they truly are recommending that you do as they did, more specific information, resources, how tos, etc are needed. What charting program should the reader use? How should they set it up? If the reader has a job, how is he/she supposed to practice intraday trading? While they are at work? Or should they just go out and buy their sailboat and figure it out on the water?
Anyways, I did enjoy reading the book. I really couldn't put it down. I will probably read it again. But I just can't help thinking that they wrote the book as another way to support their lifestyles. I'm sure they have been asked many times over the years about how they do it, then thought, "hey, let's write a book and all these people asking us how we did it will buy it, and we'll have even more passive income to support our lifestyles."
At the end of the day though, it is an inspiring book, sort of like one you read about a famous celebrity who tells you their secret to success and you think to yourself, "maybe I could do that." But the devil is in the details, and the authors mainly stick to the big picture in this book.
"Life on the Margin" is the answer... and a bit more. Once again I delved into the Bumfuzzle world... this time learning about the Bumfuzzle philosophy of life and finance.
This book is worth the read.
That said, I almost didn't make it a third of the way through. When I hit the part about "buy and hold is a crock of ****," I almost set it aside. I've seen this before. Financial "experts" marketing a trading system, that if it worked they would keep to themselves and be bazillionaires, but doesn't so instead they peddle it to the uninformed. It all starts with "saving money is for suckers" or some such non-sense. As a long term successful buy-and-hold investor of the Graham / Buffett style, I was not pleased.
The one thing that kept me reading was the knowledge that they were obviously successful enough to support their "margin" lifestyle. This is different from my experience. Every "day-trader" I knew treated the market like a casino... big talk at the water cooler, but press them for details and you find out that they are all flat broke, every one, no exceptions.
Without giving away the details, and despite that those who are living on the "margin" may find it a bit offensive, it turns out that what they do is not much different than what a value investor does. Become well informed about good quality stocks, and make a move when market sentiment (or other non-fundamental force) is moving a stock in the wrong direction. And, behind the graphs and the "greeks", understanding when the market is wrong is based on sound economic principles. Where the value investor wants to use the market error buy cheap and accumulate, the trader wants to use the market anomaly to profit in the short term and then move on. Simple to learn, difficult to master.
That said, the majority of this book is spent cheer-leading the idea of live on less and love how you spend your time, not your money. You don't own stuff, stuff owns you. Manage the risk of life, not just finance. I'll be the one in the front row of the choir singing "A-men!" However, someone looking for 20 different trading algorithms or some sort of guaranteed system to simply plug into with no effort, then sail off into the sunset, will be disappointed.
I've never had an interest in using options before, but after this I'm looking forward to laying out a bit of "mad money" to test their ideas. Nice work!
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