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The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals Hardcover – Bargain Price, November 7, 2006
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"It's so simple. It almost seems counterintuitive," Solin said. And after a 26-minute conversation with Solin, Metro--now armed with a new investment strategy-actually agreed. -- Metro New York, November 6, 2006
A no-nonsense, no-fuss guide for investors of all experience levels and financial resources. -- Kirkus Reviews, November 1, 2006
I just finished a great little book (I say little because it's a bit smaller than a regular book in size and is only 150 pages), but it's full of great investment advice, principles, data, facts, studies --you name it. The book is The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals. -- FreeMoneyFinance.com
Is this, as the title claims, the smartest investment book you'll ever read? ..... I can say it's the smartest so far. -- ConsumerismCommentary.com
It's tightly written, always on-point and not weighed down with anecdotes and aphorisms, and could be just the instruction book that you were looking for, but never received with that thick pension package from your company's HR department. -- Miami Herald, November 27, 2006
Solin does a great job of keeping his advice simple; his guide can be read...in a couple of hours. -- Library Journal
[Solin's] recommendations are sound and simple to put into effect... it is clear he is on to something. -- The New York Times, October 8, 2006
About the Author
Daniel R. Solin is a leading securities arbitration lawyer who has committed himself to recovering millions of dollars on behalf of clients who were misled by unprincipled brokers and financial advisors. He is a principal in Academic Wealth Management, LLC, and a Registered Investment Advisor. The author of Does Your Broker Owe You Money?, Solin has been interviewed on many radio programs, including USA, CBS, ABC, and on a number of regional NPR programs. Formerly the host of his own financial cable television show in Southwest Florida, he is a sought after speaker for groups of investment professionals, lawyers, and accountants.
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Recently, on the advice of a friend who was "converted" by Solin's advice in this book, I bought and read it. Solin presented the theoretical knowledge that supported my experience, and validated my decision to invest differently. Additionally, this book is full of data that gives the individual investor confidence to make one's own decisions rather than rely on the sales pitch of many a broker or investment/financial advisor. Armed with the knowledge gained by reading this book, we are freed to be our own best investment strategists. Everyone who is saving for retirement would do him/herself a well-deserved reward by reading this slim book. Well worth the modest price!
It then recommends investing thus guaranteeing that you will get market returns.
This completely ignores two issues.
A. People can consistently beat the index if they are willing to work for it. In a very accessible way such as "The little book that beats the market" or in a very professional way such as "Market Wizards".
B. Just because you are getting the market return, doesn't mean that this will be a good return. First he tells us to ignore mutual fund past performance as it does not guarantee future returns(good), but then tells us that the stock market had good returns over the last 100 years. The fact is you are still buying something, and your return is still predicated by how much you paid for it(and how much you sell it for, the yield and taxes). His main argument is that there are many people doing indexing and many smart people doing indexing.
This is not convincing as you see exceptions in the market all the time. e.g.
“We’ve never had a decline in house prices on a nationwide basis.” -Ben Bernanke, July 2005
Furthermore those same smart people have similar incentives to invest and get a good return as active fund managers.
C. He talks about the standard deviation of a portfolio, but never defines it. I had to look it up what it is elsewhere(evidently he thinks that the smartest book doesn't have to define this or explain it in any matter, just accept it as a source of smartness). It is a measure of volatility. However, in this book a leap is made where volatility = risk. This isn't an uncommon practice(though Charlie Munger among others disagrees), but again, you have to make a leap of faith and trust the smartness of this book.
This book is good if you need a reminder or more convincing that active mutual funds tend to generate poor results, and that everyone on Wall Street is trying to take your money. However, with a title like the smartest investment book you will ever read, I would expect a more thorough, rational and complete analysis, but what you get instead is repetition and little of anything new.