43 of 46 people found the following review helpful
great investment books are rare- here is one,
This review is from: The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between (Hardcover)
There are many books on investments. This is one of the great ones in my opinion. It is my favorite since Swenson's Unconventional Success,
and is much better written that that one.
The points are somewhat familiar. Trying to pick stocks or pick managers is useless, so stick to low cost index funds. Allocate assets to
minimize risk based on your own personal risk tolerance. Beware of the whole financial industry, which is designed primarily to extract as much
money as possible from you, thus working directly against your financial interest.
This advice will not appeal to many people. It is the old "get rich slow" advice. I suspect many people are far more interested in titles that
supposedly tell you how to make 1 million dollars a year through day trading. Good luck to them. I don't believe it'll happen, Bernstein does not
believe it'll happen either. He thinks stocks going forward may promise 4 to 8 percent per year over the long long term.
His points are strongly supported through reasoned arguments. There is much discussion of the recent turmoil in the financial markets and the good
advice that people should always understand the risks they are taking.
For people who can understand and follow the advice in this book, it could well change their future, particularly young people with long saving times
ahead of them. There are no sure things in the investment world, all you can do is improve your probability for success and decrease your probability
for loss. In my opinion, the strategies espoused in this book are the most sensible and historically successful at putting the odds in your favor. This
goes on my short list of great and highly recommended investment books.