- Audible Audio Edition
- Listening Length: 9 hours and 2 minutes
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Random House Audio
- Audible.com Release Date: March 2, 2010
- Whispersync for Voice: Ready
- Language: English
- ASIN: B003AOVPH0
- Amazon Best Sellers Rank:
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Payback Time: Eight Steps to Outsmarting the System That Failed You and Getting Your Investments Back on Track Audiobook – Unabridged
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Top Customer Reviews
Having said that, I still have to give credit to Phil for his clear writing style. He has a special ability to take complex information and making it understandable to the average person. I also like the fact that he gives his email address in the book and encourages readers to contact him with any questions. I like that type of service. I will update this review as soon as I'm done reading the book.
3/16/10: As a side note, I also have noticed, like others, that many of the raving reviews for this book sound fake (some almost sound like an infomercial) and are from users who have only reviewed a single item (i.e. this book).
4/1/10: In chapter 5, "Eight Baby Steps to Wealth", Phil walks you through a tool on MSN's website called "Deluxe (stock) Screener" (also known as "Supercharge your search"). It's supposed to be a free stock screener that lets you find companies that match Phil's criteria for great companies (saves you a ton of time). Unfortunately, this tool no longer exists (MSN retired it back in November of '09!). However, Phil recently posted an entry on his blog saying that you can find the exact same information on google's website. If you go to "Google Finance" look for Stock Screener. It's supposed to be just as good as MSN's Deluxe Screener. I will be playing around with this tool and will post an update soon.
5/26: Remember how I said that Phil gives out his email address in his book and encourages readers to ask him questions? Well, I sent him a question (regarding the use of Google Finance - see my post from 4/1) in late March all I got was an automated reply saying that someone would get back to me and no one ever did. So much for that. So if you have any questions, I would call the number listed on Phil's website. They will answer your questions.
I strongly recommend that people Read Rule # 1 1st before reading this book. I really wish the author start writing a book on options investing. He does invite people to his 3 days Free Seminars.
I agree with another reviewer's post that the website does NOT deliver on its promises and also that I found his method for valuing companies to be overly risk-averse. If you stuck with his recommended margin of error, you would NEVER invest in the market. I found very few stocks that met the balance sheet test by his margin of error and those that met that test I decided against for other reasons (no barriers to entry, declining value as technology advances, etc.) I used his calculator online to value companies but only in relation to each other. I didn't wait for his target price to buy... because I never would have invested $1 if I had.
I am currently reading Ben Graham's Security Analysis, which I find much more useful. However, I don't know that I would have been ready to dive into Security Analysis as a novice and thereafter be so willing to experiment if I had read it a year and a half ago.
Thus, I recommend this book in general to other complete novices. It is good, sound advice and it is written in a way to explain complex ideas to someone without a finance education. However, I'd also recommend other sources like fool.com. Value investing information can be learned from other sources... this is just one of them. It isn't magic or a different type of value investing than Buffett or Stock Advisor on fool.com. I also recommend reading other things after you make a few stock purchases because reading this book will not be the only thing you need to read for investing long-term. It is a continual process of trial, error, study, testing theory, trial, error... you never stop learning.
Most Recent Customer Reviews
I am listening to it for the third time in two weeks!
Cant get enough. Already signed up at the website.
Its Payback Time like never before!!!Read more