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The Only Investment Guide You'll Ever Need Paperback – April 26, 2016
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“So full of tips and angles that only a booby or a billionaire could not benefit.” — New York Times
For nearly forty years, The Only Investment Guide You'll Ever Need has been a favorite finance guide, earning the allegiance of more than a million readers across America. This completely updated edition will show you how to use your money to your best advantage in today's financial marketplace, no matter what your means.
Using concise, witty, and truly understandable tips and explanations, Andrew Tobias delivers sensible advice and useful information on savings, investments, preparing for retirement, and much more.
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"Mr. Tobias’s ideas about saving money — you can’t build a portfolio without savings — are his real gems. And the reason for that is his approach. He combines humor — it starts with the dedication, “to my broker — even if he has, from time to time, made me just that” — with common sense presented in an uncommon way."—New York Times —
From the Back Cover
For nearly forty years, The Only Investment Guide You’ll Ever Need has been a favorite finance guide, earning the allegiance of millions. This completely updated edition will show you the best way to manage your money, no matter what your means. Chapter two alone should save you thousands of dollars.
With passion and wit, Andrew Tobias delivers sensible advice and useful information on spending, saving, investing, and much more.
“The Only Investment Guide You’ll Ever Need . . . actually lives up to its name.”—Los Angeles Times
“Andrew Tobias is a funny fellow, but he’s also canny and sensible, and his book is well worth its modest price.”—Boston Globe
“Andrew Tobias is one of the financial community’s most pithily perceptive observers.”—Forbes
ANDREW TOBIAS is the author of twelve books, including the New York Times bestsellers Fire and Ice and The Invisible Bankers. He has been a regular contributor to such magazines as Time, Esquire, New York, and Parade and cohosted the PBS series Beyond Wall Street. Visit his website at www.andrewtobias.com.
- Publisher : Harper Business; Reprint edition (April 26, 2016)
- Language : English
- Paperback : 320 pages
- ISBN-10 : 0544781937
- ISBN-13 : 978-0544781931
- Item Weight : 9.3 ounces
- Dimensions : 5.25 x 0.8 x 8 inches
- Best Sellers Rank: #73,587 in Books (See Top 100 in Books)
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Since the first edition of this book, the markets have become so complex and media-blanketed that a lot of the Benjamin Graham practical advice no longer applies (just ask someone who invested huge sums in mutual funds at this time a year ago, only to see it all sliced in half just several months later). On the other hand, people who follow CNBC and the second-by-second gyrations of the markets still tend to labor under the old illusions about how to "beat" the market--and indeed some do, whether due to chance (most likely) or some magical formula or insight. But win or lose, these latter-day market mavens become so absorbed in the moves of the exchanges, they're apt to miss out on the more significant changes in their personal lives and the world around them.
But controversial though the title may be, "The Only Investment Guide You'll Ever Need" is a statement that's closer to the truth than not. Tobias has a remarkable nose for all of the "fat" when it comes to managing money. People spend countless hours fine-tuning their investments on a daily, obsessive basis, wasted hours that will never be repaid by a slightly lower mutual fund fee or a lucky "hot stock" pick. If you "know" what your doing--not simply in terms of playing the game but that what you're doing "is," in fact," a game (especially now that the internet bombards us with more information in a single second than can be registered in a life-time), then fine. Set up 3 computer screens in addition to a television monitor with Jim Cramer hollering away--and have fun. But be aware that it is a game, that one-click trading quickly becomes a form of addiction, and that you're not doing much for humanity or your own social life--in fact, the isolation that many people feel is merely increased by this sort of illusory "action."
On behalf of the "opposition," I would partly refute Tobias by pointing out the drastic reduction of fees for most stock transactions (from $55 when I started in the early '80s to $10 or even less per transaction in 2010). I would also hold up the year 2008--when the financial systems and banks fell apart, with the consumer taking the biggest hit, losing half of his 401K or mutual fund investment--as a time that understandably changed thinking about the way the game is played. You lose 50%, and it's not going to be easy to gain 100%, which moreover will accomplish no more than bringing you back to even. As a result, greater vigilance, along with "cost-averaging," makes more sense than when Tobias wrote his book.
Still, for the most part Tobias is on the money--even in 2010--and the modest price of his book suits his philosophy of not throwing money around heedlessly or wasting all of your time trying to make money out of money. instead, make "something," or make the world a better place. Or, instead of putting all of the emphasis on "making a living," how about simply "living" for a change? In short, the beauty of Tobias' book is that it provides an example of how to step back, put finances in perspective, and acquire a "big picture." For those who feel they are no longer in control of a manageable world or who experience non-stop stomach-churning and incessant tweaking of numbers when it comes to investing and money, Tobias' little book is to the world of finance what Strunk's classic "The Elements of Style" is to grammar and the English language. We could all profit from more books like it.
There are three principal demerits to the book. First, it seems that author went to Harvard (pronounced Hah-vuhd, for those in the know). Second, it appears that he studied business at Harvard. Third, it also appears that he graduated from Harvard. Ad hominem attacks aside (with regard to his studies at the Harvard Business School, Mr. Tobias engages in a fair bit of witty self-deprecation in the Preface of this fine little book), there's really nothing wrong per se with the book.
I am of the opinion that the book pays for itself with the first chapter. The key to investment success is the perspective one brings to bear on the activity. Other, more erudite folks have written on the difference between investment and speculation, formulating an investment policy, and investment strategy, but here, in this book, you have a very funny guy, writing in a down-to-earth fashion, telling you that it's not about choosing which game to play or how best to play the game- it's really about deciding whether or not you should be playing any of the games at all. That, in a nutshell is the heart of the book.
Of course, there is the usual investment advice and standard fare that any introductory investment text would include (which doesn't apply to me so I won't elaborate on it). This is the book that I would give to someone who knows absolutely nothing about investment, and that is in need of a sound and safe perspective to guide him or her.
I did find one little problem in the book, having to do with his example dealing with buying wine in bulk as opposed to buying it by the bottle. His calculation of the annual interest rate (APR) achieved by buying in bulk is almost correct (the actual interest rate works out to be about 3.6% per week; he implied an interest rate of 3.4% per week or an APR of 177% per year); he simply erred on the timing of the cash flows, given the way he posed the problem. That minor error aside, the example, as well as the greater text, serves as a wonderful reminder that the safest investment moves are usually the ones closest to the budding investor.
Top reviews from other countries
The title is created specifically to attract more people on buying.
Half of this book is a concoction of "brick" discount shops from where you should do your grocery to clothing and online websites that you should use in order to have massive discounts whenever you travel, rent a car or anything that can actually be purchased online. So if you want to have all these next to you whenever you shop and look on how to save some money, instead to Google all the time for bargain shops then yes this is your book.
If you want to learn about trading like the book suggest you'll be able to, then more then some term definitions that brokers use, you'll not be able to.
This book is by no means a book intended to teach you anything about stock trading.
This book will teach you where to shop in order to save money.
Für den amerikanischen Sektor und die dortigen Lebensverhältnisse vielleicht empfehlenswerter..