5 comments about Your Money: The Missing Manual.

1. This is exactly as the title states, the missing manual to your money! This book should be taught to every high school student in the entire United States. Credit card debt would end up at an all time low within 5 years if this were done. It's amazing how many money saving tips are in here, how to get through the day without making those impulse buys (like I do). Even if you're good with money, this book is sure to make you even better!! Don't wait another minute, grab this while you can!!!



2. Simple yet comprehensive. Although naturally US entered it has information valuable to everybody no matter where you are. Each chapter has numerous references (paper and electronic) that allow you to dig deeper into any topic you need. It is written in everyday, easy to read, yet precise language.



3. I ordered this book (via the Vine program) not because I "needed" it, but more so just to see what it had to say. I was pleasantly surprised at the amount of information it has in the book as well as tons of links it has for additional information on various topics. Kudos to the author for using "TinyURL" to list the web links, it makes it so much cleaner to read (and type).
   
   The author speaks from personal experience of breaking out of the $35,000 debt he had incurred. He starts of the book with trying to get you to understand what "wealth" is and to understand goals then proceeds on to talk about Budgeting, cutting your expenses and increasing your income.
   
   Even though my money matters are under control, I picked up some little tidbits here and there that were new to me, or, that I felt were good reminders for me to tighten up. This is an easy to read book whether you are trying to read it in one sitting, or in chunks over a long period of time. I intend to purchase a copy of this book for my nieces who are still in college. They are fairly frugal, but I think this would still be a good read for them. In hindsight, I wished I would have had some "stickies" on hand so I could easily go back and look up some websites (I read through the book without a computer on hand at the time).
   
   Overall, I recommend this book for those wanting reminders to get on track, for those starting out on their own, and for those who are behind the eight ball. This is similar to trying to lose weight - its not going to work unless you get a handle on the problem and you truly dedicate yourself to the process to see if it will work for you.



4. My wife and I have been reading Mr. Roth's money blog for quite some time now, so getting his book seemed like a good idea. The book is chockfull of lots of recommendations on what you can do to maximize the money you have and minimize the money you must pay out. Everything is covered in here from maximizing your income to covering your retirement, and it is covered in a realistic, no-nonsense manner.
   
   Overall, I found this to be a really good book. For its size, it has a broad reach, and yet it really does make you feel like he's helping you out in everything. This is a good book, one that I highly recommend to everyone who has money and wants to maximize its potential, which I do believe is everyone!



5. I bought this book for my 20-year-old son after hearing a radio interview with J.D. Roth. I figured it would be a good way for my son to see that money management is not that scary. The book shows several ways to manage your money. My son worked out a plan that fits him and now he's got confidence that he can work himself out of his debt.

5 comments about The Four Pillars of Investing: Lessons for Building a Winning Portfolio.

1. If you ever read one personal finance and investing book, this is the book. No tricks or "get rich quick" formulas - just sound advice and common sense backed up with evidence. This book nails home, without question, the clear fact that 99% of the financial industy is out there not to help you but to help themselves. Cut through the confusion, stop giving your money to these people, and read this book.



2. A well written book with a lot of detail about the history of investing. It is not as fun and easy to read as the author's latest book "The Investors Manifesto."



3. After reading other reviews, I had to give this book a try. Other reviews are spot on. I was so impressed with this book, I ended up purchasing "The Investor's Manifesto" also by William Bernstein. Highly recommended.



4. Bernstein did a great job! Working in the financial industry for several years, this was a great book to refer to others. My hubby and I use these lessons in our investing strategy. Beware, the first chapter is a tough one to get through, but you'll sail through the others.



5. The book takes a long term perspective. It analyzes various scenarios on a long term basis. The logic is very clear in terms of analyzing patterns over long time intervals. The author makes his case very well to invest on a broad based index funds. He also emphasizes the lopsided market of investment advisers and financial services companies.
   
   Overall a very good book.

5 comments about Trading Stock Options: Basic Option Trading Strategies And How I've Used Them To Profit In Any Market.

1. I made 20,000 dollars. I have been involved in the market for a little four years, but really involved, as in a professional attempt for the last year. I had no idea what options were for the first six months of trading. I traded solely in the stock market and settled with using heavy amounts of margin, and occasionally making some big gains here and there (up a hundred thousand dollars), but my risk was usually bigger. I'd need fifty thousand dollars, twenty five thousand in margin, to make ten thousand dollars, two of which gets taken from me to pay the interest. I didn't like margin, I hate debt, and I hated borrowing money (It's why I've gone to the cheapest colleges I can find)... I've only had one Line of credit for a cafe I opened that was all, everything else was investors investors investors. Anyways. I decided after seeing so many books at Barnes and Nobles on Options that I should see what they are all about. Eventually, I decided I wanted to know what they were. So I bought a couple of books, since the internet told me I needed to have an advance degree in Calculus, and an understanding of greek, and all this other stuff. Well, Getting Started in Options was my first book. It laid it all out nice and simple, and was a very informative book on the options market, I read it in a day, then reread it a few days later to make sure I understood it. Then I started reading all these other books, but they seemed to be rather uninformative and they focused on how to make a living writing options, something I wasn't really all that interested in.
   
   Then I found this book. Trading Stock Options: Basic Option Trading Strategies, and How I've used them to profit in any market. This book seemed really informative. It wasn't McMillian's (which I've read), or The Bible of Options Strategy, but it was definitely the best book I think someone just starting out would like to have.
   
   If you don't have an understanding of the stock market, or what moves stocks, or how to find a stock about to break out, or is trending upwards, then this book is not for you. This book, in my opinion, is for the stock trader who wants to branch out into options. It's my opinion. Anyways, how I made twenty thousand dollars in one week. It was June 21st, the Front Month of a new options contract. Intuitive Surgical (ISRG) had just bounced from the 320's to the 359 or so. But it was closing down for the day. I decided that if it was down tomorrow I would buy some Puts at 330, I did just that about at 2.76 a contract, or 276 dollars, about 280 with commission. I bought 10 of them for a total of 2,800 dollars. Just as I thought, the stock crumbled. On the seventh day, I sold the contract for 20+ dollars, making 20,000 dollars in total on one trade.
   
   P.S. It wasn't my first trade, I've had several success and failures in the option market for months. This was a notable one for me because it's recent.
   
   Books I'd reccomend for stock moves that will help with option trading.
   All of Nicolas Darvas's Books (His books will get you into the mood of understanding that you can be successful at the stock market).
   Trend Trading for A Living by Thomas K. Carr (This book is by far one of the best)
   Trend Following by Michael Covel (especially if you're considering futures as well)
   How To Trade Stocks by Jesse Livermore (it was said that Jesse Livermore looked for stocks that would give him ten points in a week to a month, I've used his strategy several times to make a good deal of money on up and down markets)
   Stan Weinstien's Secret's for Profiting in a Bull and Bear Market by Stan Weinstein (His technical analysis is priceless
   How To Make Money In Stocks by William O'Neil (he's all about the break out buy).
   
   Options are not for everyone and just like stocks they are not for the get rich quick schemer or anything of the short. They require, just like stocks, the patience, discipline, and planning that you would give any endeavor that would cost you money.
   Good Luck, Good Trade!



2. Mr. Burns take you through the step by step. I enjoyed it and walked away with a far better understanding and concept on how to trade options.



3. I really enjoy going through the math to help me understand the procedure. I am only through 1/3 of the book and I think I have come across one error. Page 41 line 7 should be: $160.00 or 21.3%.
   The other authors just cannot understand that a picture is worth a thousand words!



4. I have found this book very helpful. Some aspects of options trading were confusing, but this book did a good job of teaching the nuts and bolts and the thought processes involved in making successful trades.



5. I LOVE Trading Stock Options. I wanted to get a basic understanding of how I might be able to use stock options to gain profit, and this was the best book I found so far. It was easy to understand and very well written. It will be helpful to just about anyone who is interested in learning the subject. What a great resource.

5 comments about Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds.

1. I highly recommend this book. There are many investment books that are full of qualitative ways to evaluate a company. They are fun to read but the problem with these books is that it is hard to improve your investment process based on the information from these books. It is not quantifiable. There are other books that are full of mathematical formulas so advanced that they could be enjoyed by a very small group of highly trained mathematicians. Luckily for its readers, "Buffettology" does not belong to either of these two groups.
   
   I really like "Buffettology" because it provides its readers with both qualitative and quantitative techniques for evaluating companies. One can develop or adjust his or her own investment process based on the information from the book. The book gives its readers mathematical formulas that Warren Buffett uses. One can develop screening mechanisms based on these formulas. At the same time, the book provides its readers with qualitative explanation of the logic behind these formulas. Understanding this logic helps one grow as an investor.
   
   Any insight in the mind of one of the world's greatest investors is valuable. This book provides dozens of them. Read this book and you will definitely be able to improve your investment process!



2. Received it quickly and in the condition they stated it would be. All around good transaction.



3. Hi,
   
   I'm Glen Bradford. I'm 22, I run a hedge fund, am in PhD classes, have taken more credit hours per semester than they would put on my academic transcript, etc.
   
   If you want one book that will show you how to not lose money in the long haul, this book gives you the mental framework of the best.
   
   Another book I'd recommend is Joel Greenblatt's little book that beats the market.
   
   This book is worth 10x what you will pay for it minimum.



4. As the title suggests, this book is dated.
   
   The author also attempts to condense Warren Buffett's investing methods into a simple formula. (Her main credential: she was married to his son for a while back in the 80s and 90s).
   
   But Warren Buffett and his investing strategies are not as simple as the author seems to imply. And markets change fast.
   
   For instance there are also some bullet proof "Buffett companies" listed that you should have bought at the top:Fannie Mae (collapsed) Freddie Mac (collapsed) MBIA (a toxic asset dump that has also collapsed)--the author also recommends Circuit City and print media as great investments... But you get the point.
   
   This book was lightweight when it was published 11 years ago and though it holds some overall interest can hardly be recommended in 2009.



5. Go ahead read this book learn the math. But before you actually use your new knowledge to invest read Snowball (a 830 page biography of Warren Buffett). That book will give you a more realistic idea of what it really takes to invest like Warren Buffett. The ability to crunch numbers backwards and forewords is not enough. Many fine financial analysts can do that. But you also have to be "wired differently" (that means "wired" like Warren himself). And how many investors can claim to be "wired" like Mr. Buffett?
   I hope no reader of this book was so busy learning business/investment calculations that they failed to notice that a few months ago Berkshire Hathaway was available for about $75,000 per share (about half price from all time high). Now it is $97,000.

5 comments about Rich Woman: A Book on Investing for Women - Because I Hate Being Told What to Do!.

1. I read this book with an open mind. I ended up frustrated.
   
   The first thing that struck me was the repetitiveness. She made a lot of references to Hawaii and the 'old days'. That didn't interest me, it almost irrelevant. i don't want to know what her friends are up to either. the book is basically about herself.
   
   The most disappointing part is no real advice. Save your money people. I feel like I just got scammed.



2. What an amazing book! I believe it's not only for women, but anyone should read this book. The fact that it is for women, is really phenomenal, because it is written in a very simple-to-understand way. I love the concept Kim chose to write it. It is so understandable, and I could picture myself in a round table discussion like the ladies in the book. What delivery! Excellent, life-changing, thought-provoking! One of the best investments ever!



3. I found this book degrading to woman. Rich Womam was written as if woman are stupid and can't figure out investing unless the information (or lack of) is presented in a story about girlfriends. There was no substance to Rich Woman; it's a fluff book written to motivate woman to invest, yet has no actual information. I grabbed the book in an airport before catching a flight because I had read Rich Dad and found it interesting. My main question from Rich Dad was how did Kim buy a 20 unit complex when she was supposedly broke? So, I figured I'd find out in Rich Woman. Nope! Again, this book skirts around HOW Kim and her husband's investments actually came to fruition. I was let down by Rich Woman. Besides trying to sell her husband's books (repeatedly) and the game they created together, I still can't figure out what the point of the book is.



4. I bought two of Kim's book, one for my partner and one for a potential future daughter-in-law (who has better business sense than my son does at this point). I read the one I bought for my partner and found it a great read, even though it was directed to women.



5. This book has helped me understand my financial situation better than was explained to me by my family and friends as a child. I didn't learn anything like this in school. I am glad Kim took the time to explain her story and bring a strategy and business plan to my mind. She is very helpful and I hope she does more teaching to women and help them break down the barriers to become financialy independent. Her book was a starting point.

No comments about All About Asset Allocation, Second Edition.

5 comments about Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition.

1. A few readers asked me if I would review some books dealing with accounting issues. I'm happy to do that. I am not an accounting expert, and certainly not a forensic accountant, but my investing has benefited from being willing to look at the weaknesses in financial statements, and avoid companies where the economic results are likely worse than the accounting statements.
   
   Howard Schilit, in his book, Financial Shenanigans, highlights seven areas where accounting can be fuddled:
   
   1. Recording revenue too soon.
   2. Recording bogus revenues.
   3. Boosting income with one-time gains.
   4. Shifting current expenses to a later period.
   5. Failing to record or disclose all liabilities.
   6. Shifting current income to a later period.
   7. Shifting future expenses to the current period.
   
   There are several common factors at play here.
   
   * Beware of companies where earnings exceed operating cash flows by a wide margin. (1-4)
   * Watch revenue recognition policies closely. It is the largest area of financial misstatement. (1-2)
   * Look for assets and liabilities that aren't on the balance sheet, and avoid companies with hidden liabilities. (5)
   * When companies do well, they often hide some of the profitability, and build up a reserve for bad times. This will show up in an excess of cash flows over earnings, so look for companies with strong cash flow. (6,7)
   
   The book liberally furnishes historical examples of each of the seven main categories for accounting machinations, showing how the troubles could have been seen from documents filed with the SEC in advance of the accounting troubles that occurred. Now, aside from point 5, the other six points boil down to a simple rule: watch operating cash flow versus earnings. I wouldn't say that the cash flow statement never lies, but investors pay more attention to the income statement and balance sheet. Aside from outright fraud, ordinary deceivers can manipulate one statement, and clever deceivers can manipulate two. To do three, it takes fraud.
   
   Now, suppose you have found a company where the operating cash flows are weak relative to reported earnings. That is where this book can help, because it will give you ways to analyze whether the difference is accounting distortion or not. For those of us who use quantitative methods to aid our investing, this is particularly important, because many companies are seemingly cheap on GAAP book and earnings, but a review of the cash flow statement will often highlight the troubles.
   
   The book is an easy read, and does not require detailed knowledge of accounting in order to get value out of it. For fundamental investors, I recommend this book, with the proviso that it only works with non-financial companies. Financial companies are more complex (they are all accruals -- the cash flow statement is not very useful), and can't easily be analyzed for earnings quality from looking at the financial statements alone.



2. I have done fraud investigation in a previous job and as a business owner now, not only do I watch for it in my business but also in my client's businesses. I do accounting work for my clients & try to maintain the proper protections for them especially since I work "virtually" with them and their accounts. I am always watching for ways to protect their business, that's what makes me stand-out from the rest of my peers and how I retain my loyal, happy clients. This book taught me some things that I need to watch for that I did not have on my security checklist.



3. Financial Shenanigans is not a quick read. But, it elevates an investor to a completely different level. Warren Buffett said Rule No. 1: Never lose money, Rule No. 2: Never forget rule No 1. If you are serious about investing, and most importantly, protecting yourself from losing a lot of money, you need to read this book because it teaches you what managers can do to fool investors by playing the financial numbers game.
   
   - Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market



4. As a college-level lecturer in Forensic Accounting, I seriously considered using this book, but decided not to. While it is clearly the most readable book in the area of forensic accounting, it is lean on examples and does not include citations to the cases and other materials it describes.
   
   A far better, though more difficult, book on the narrow subject of financial fraud is The Financial Numbers Game: Detecting Creative Accounting Practices and a better book on Forensic Accounting generally is Forensic and Investigative Accounting (Third Edition).
   
   In any event, you'll be better off avoiding Fraud Examination (with ACL CD-ROM), which spends most of its time (i.e., your time) moralizing and psychoanalyzing those who commit fraud.



5. This book is very through. It assumes that you have some background in accounting or finance. I do not, I am an average person who has never taken an accounting class or business class in my life but I'm able to follow the author. Schlit writes in an effective manner that keeps you involved and interested in what he's talking about. He also gives you hints and clues to follow when you are reading a financial statement. He tells you what to look for and what that may imply. This is a must have for any investor. If you have ever had any misgivings or questions about a corporation's management and accounting, this book will provide you with the tools to sniff out the shenanigans on your own. Well written, interesting and very insightful.

5 comments about Retire Rich With Your Self-Directed IRA: What Your Broker & Banker Don't Want You to Know About Managing Your Own Retirement Investments.

1. Self Directed IRA's are the Secret to success and this book does a great job covering that. With the Real Estate market about to rebound, Self Directed IRA's in Real Estate is the next big thing.
   
   A good website is [..]. They cover everything you could want to know about getting in with Real Estate through self Directed IRA's.
   
   Overall, great book and I would reccomend it to anyone that wants to make money investing.



2. This was my intro to the Self-Managed IRA. I found the tables to be inadequate as many do not have a reference point. It is difficult to understand when their is only one indicator.
   
   Seems the author is not a investment or IRA professional but someone who supposedly did a Self-Managed IRA. It would have been nice to see her track record, beginning with x$ and 5, 10, 15 years later revealing her growth.
   
   I would look for a better reference book before embarking on what I consider to be the only way to have an IRA.
   
   Gerald



3. The author does a great job in taking a rather boring subject and make it both easy to understand and interesting.
   
   I highly recommend it to those that awake and thinking about what's going on in our country today; especially where it concern the huge tax burdons we are destined to carry.
   
   Members of our REO Investing Group use the information to help their families and friends understand how easy it is to make money as lenders for my groups' investments.
   
   [...]



4. A great resource on an important topic. Most investors don't realize that Self Directed IRA is the real key to generating the highest return for your retirement. Kudos to the author, I haven't seen much written on this topic. If anyone is looking to open a self directed IRA, I suggest visiting www.celerityplan.com. The author should include this as a resource in the next book. Wonderful results and very "snazzy" model!



5. One of the main goals of author Nora Peterson, in the publishing of this book, was to share information in an easily understood format to increase the awareness of the multiple options available to retirees and future retirees when considering how to invest and protect hard-earned money accumulated over a lifetime.
   
   The book addresses a wide range of critical aspects to be considered when planning for a long-term retirement. It touches upon subjects we have heard about, some that we haven't, and yet others that should be considered when planning for our future and those of our heirs.
   
   Taking control of our financial future
   * Movement of retirement funds into a self-directed IRA
   * Understanding the roles and responsibilities of an IRA custodian, trustee, and administrator
   * Creating a team of professionals to maximize income-producing opportunities while effectively managing risks - especially as it pertains to unnecessary tax penalties which can and should be avoided
   
   Non-Traditional IRA investment options
   * Real Estate
   * Purchase and sale of mortgage notes
   * Owning a business within an IRA or participating in a business partnership
   * Buying precious metals
   
   Managing distributions from our IRA
   * Circumstances permitting withdrawals prior to age 59½ without paying a 10% tax penalty for early withdrawal
   * Withdrawals to pay for health insurance when unemployed, without incurring a tax penalty
   * Withdraw $10,00 to purchase a first home for a child, grandchild, or parent without penalty
   
   Asset Protection and Stretching Your IRA
   * Designation of a single beneficiary; and
   * Designation of multiple beneficiaries to minimize tax risks
   
   Getting to the "point" according to Nora Peterson:
   
   "The point is getting through this life with the maximum comfort and security you can arrange and ending up with at least a little left over when you're finished."
   
   That is our intended goal, isn't it?

5 comments about The Aggressive Conservative Investor (Wiley Investment Classics).

1. I am a fan of value investing in all of its different variations, and so when I run across a book on the topic, particularly from a skilled practitioner, I buy it. I'll do more book reviews on value investing, but one of the first that I wanted to do was Value Investing, by Marty Whitman.
   
   So, I start looking around for my copy, and I can't find it. Arrrgh, I can guess what happened. I lent it out, I can't remember who I lent it to, but the borrower never gave it back to me. Annoyed at myself, I do notice a book that was just as good, The Aggressive Conservative Investor, by Marty Whitman and Martin Shubik. Even better, it is back in print, after being out of print for 20+ years.
   
   So, what's so great about the book? (Most of this applies to both books.) Marty Whitman has a strong "What can go wrong" approach. He realizes that he, and most other investors, will be outside passive minority investors. We only ride on the bus. The inside active control investors drive the bus, and if we are going to make money with reasonable safety, we have to understand the motives of those that control the companies. They benefit somewhat disproportionately from control. They receive wages and benefits that other shareholders do not receive, can gain cheap outside financing, and limit tax exposures, in addition to other benefits.
   
   Like me, Whitman doesn't care much for modern portfolio theory. More notable for a value investor, he has a few criticisms for the traditional "Graham-and-Dodd" type of value investing.
   
   * Typically, it works best for "going concern" situations, and not situations where activism could be necessary to unlock value. (Though, Graham did do things like that in his career; he just didn't try to teach amateurs about it.)
   * He doesn't always stick to high quality companies, if enough information can be obtained about the target. Information allows for more risk to be taken.
   
   There are four things that he insists on in equity investments:
   
   1. Strong financial position
   2. Honest management that is creditor-aware and shareholder-oriented
   3. Adequate disclosure of information relevant to the success of the company
   4. The stock can be bought for less than the net asset value (adjusted book value) of the firm.
   
   If you have these items in place, you won't lose much, and if the management team makes value enhancing decisions, one can make a lot of money on the stock.
   
   Whitman places a lot of stress on reading through the documents filed with the SEC. They may not be perfect, but managements know that they need to provide adequate disclosure of material information, or they could be sued. A lot gets revealed in SEC filings, and not every investor sees that.
   
   He also places great stress on understanding the limitations of the accounting, whether under GAAP, Tax, or any other basis. Comparing the various accounting bases can sometimes illuminate the true financial well-being of a company. (Note: this is what killed me on Scottish Re. I should have questioned the GAAP profitability, when they never paid taxes.) He lists the underlying assumptions behind GAAP accounting, and explains how they can distort the estimation of economic value. Honestly, it is worse today in some ways than when he wrote the First Edition in 1979. GAAP accounting is more flexible, and less comparable across companies today.
   
   Marty Whitman looks for situations where resources in a company can be used in a better manner, creating value in the process.
   
   * Is the company too conservatively financed? Perhaps borrowing money to buy back stock, or issuing a special dividend could unlock value.
   * Are there divisions that are undermanaged, or would fit better in another company?
   * Are management incentives properly aligned with shareholders?
   * Would the company be better off going private?
   * Is government regulation a help or a hindrance? (Barriers to entry)
   * Analyzing corporate structures for where the value is.
   
   Beyond that, he explains how to calculate net asset values, as distinct from book values. He describes the problems with earnings as a value metric. He explains the value of dividends and other distributions. He also explains when it can make sense to own companies that are losing money. (Underlying values are growing in a way that the tax accounting basis does not catch.)
   
   It's a good book. Together with Value Investing, it gives you a full picture of how Marty Whitman thinks about value investing. He is one of the leading value investors of our time, but he has spent more time than most on the underlying theory. For those who want to think more deeply about value investing, Marty Whitman is a highly recommended read.



2. This is a very good book, but I have to warn readers that it is mainly for more advanced investors. In this book, the author lays the foundation for his investment philosophy and educates readers about analyzing individual securities. This book is an investment classic and will be read by investors for decades, because good investing is good investing.
   
   The part that I particularly enjoyed was when the author described how different investors, specifically control investors, have different agendas and how it affects the company and other smaller investors. I enjoyed reading this book, and if you are a serious investor you should read it, too.
   
   - Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market



3. This book was written by two (now wildly successful) fund managers. The prose and style is clearly mid-70s, but the advice is still sound.
   
   In particular, I liked the contrarian recommendation to buy companies w/ LOW margins. That accompanied with mean reversion of sectors gives you plenty of bang for your buck.
   
   The differentiation of economic and accounting earnings - I have yet to see this descirbed anywhere else. I also have yet to see a sell-side analyst understand this concept.
   
   There are also many good real world examples that we find occuring again and again and again and again....this alone makes it worth the read.
   
   That being said, getting through this was a slog. It felt too much like a dry text book. Maybe I am a victim of flashier editing that is in vouge these days....



4. After reading this book years ago, I was interested in reading it again for the new release. Though it is not really an updated main text version, it does have a new forward by Eugene Isenberg (current Chairman of Nabors Industries) and new introduction by the original authors of Martin Whitman and Martin Shubik. Irrespective, it was still an enlightening experience to go over the material again. Since the original printed edition, I believe Mr. Whitman's record speaks for itself, in that the "safe and cheap" methods espoused originally in The Aggressive Conservative Investor are good foundations to start, or extend, your investment education in what the authors call "the outside passive investor".
   
   However, as some other reviewers have pointed out, this book is not your average investor book structured for easy reading with quick formulas. The book is for the more serious investor as its authors clearly state. For example, "In presenting our position, considerable space is devoted to describing the real world faced by both outsiders and insiders." Their point is that in understanding the viewpoints of both the insider, whether corporate management, the banker and/or financier, the directors, or the short-term trader, or that of the outside passive investor will help you along your way in understanding what may be happening in the market and why. Why? - because of the interested parties perspectives as they may temporarily have leverage over the other.
   
   Though the book is a little more rough sailing because of this background perspective - to assist the future reader - (after reading the introduction) one may first want to start in Section 5 , then go back to the beginning and dig in a little more. This should help one read this book more like a traditional investment book. The two (2) case studies in the Appendix sum up the book with narratives of why some insiders (and outsiders) may act as they do.
   
   As for the safe and cheap method, considerable time is spent with emphasis on the importance of the financial position of the security under consideration. This Financial-Integrity approach is detailed and viewed from all the players perspectives in the transaction of a security purchase (or seller) to emphasize the concept of the "guaranty". In addition, even though the authors do state their differences with the Graham & Dodd methods, I feel that in the end they are more connected at the hip than their stated differences may imply, or indicate.
   
   All in, if you are willing to spend the time and do the work, whether reading annuals, 10-Ks, 10-Qs, then reading this book will assist you in becoming a better investor in your investing activities, but the trip is not recommend for the casual weekend reader.



5. but today with all the new tools available to the investor there is a superior method of selecting value stocks. The method is simply use an index that is specifically built to capture the value premium. Then using this index find an Exchange Traded Fund that tracks the Index.
   
   Enough said here is a suggestion.I recommend a little book titled How to Make Money in the Stock Market-Buy 2,500 different stocks for $1000 - Pay no Commission This book is a must for those wanting to find out about indexing (passive investing) and why it is the superior method for the small investor (and big one too). This book is an outstanding guide to personal investing. It will be useful to all investors from novices to highly the highly experienced. This book prepares the reader to approach investing from the standpoint of the underlying science. It is the antithesis of a 'get rich quick scheme'.
   
   All aspects of Modern Portfolio Theory and passive (index) investing are explained in a through and easily understood manner. The aspect I like most is that as well as a solid theoretical foundation the book is very practical and shows the reader how to create (and more importantly) and manage over time a successful portfolio. This is a great book- for the beginning investor, it's a great place to start and for the experienced investor there are many valuable suggestions. How to Make Money in the Stock Market-Buy 2,500 Different Stocks-Pay no Commission

5 comments about Enough: True Measures of Money, Business, and Life.

1. First I am not in the index fund camp. But that does not deny the fact that this is certainly one of the greatest books I've read . ( Dr.Alexander Elder's book's for those who are not in Index fund/passive investing camp. Read my reviews about his book's as well).
   
   Before I go on explaining the greatness of this book, here are few lines from Tom Peters,Author of (In Search of Excellence: Lessons from America's Best-Run Companies (Collins Business Essentials)). He treats "Enough: True Measures of Money, Business, and Life" as an all time master piece. Rightfully so. Snippets from his prologue ..
   
   "I have now read it through four times"
   "I have bent some 57 pages to return again and again"
   "I have given away over 50 copies to friends and associates."
   "I carry it with me as I travel from Angola to Abu Dhabi, China to Chicago"
   "This book is matchless,perhaps life changing gem"
   "Enough" is not a great finance book. It is not a great business book. It is a great book. Period.
   
   I am not a gifted writer and thanks Peter for helping me here. Read this book. You will not be disappointed. I am re-reading the book for second time.



2. With some decent editing, this book could have been MUCH shorter and gotten the points across better.
   
   THE GOOD: Lots of valuable info.
   
   * Bogle makes it clear that (most of) the rest of the financial world is NOT looking out for your interests.
   * Statistics are presented to backup his assertion that the fees and commissions charged by almost all mutual funds, financial advisors, etc. are destroying the value of your investments.
   * Overall tone of the book about "what's enough" and how to responsibly proceed in life and business. Nothing particularly new here.
   
   THE BAD: Continuous self aggrandizing - I mean it got tiresome.
   
   * His way (Vanguard index funds) is the only sensible way to invest.
   * Um, by the way, the Vanguard approach (while sensible) can really only be copied to
   be considered acceptable by Bogle.
   * He took less of a fee to invest your funds than his competitors (but obviously enough to make him richer than the vast majority of his investors). So ... why didn't he take even less of a cut?
   
   THE UGLY: When the company you keep is Walmart...
   
   Here's a direct quote from the book:
   "In "The Value Profit Chain," three Harvard Business School professors described Vanguard as one of only two organizations (the other was Walmart) whose "remarkable accomplishments . . . were based on value profit chain concepts from the onset of their development ... (and) have risen to leadership positions in their respective industries."
   
   I don't know about you, but if the success of my business depended on paying the lowest possible wages and benefits (eg, the company other than Vanguard), I wouldn't be bragging about it in a book.



3. After having read the financial philosophy of many, I have settled with John Bogle's philosophy for the long run. He is the best. His wisdom goes beyond dollars.



4. John Bogle, founder of Vanguard, creator of the Index Fund, and indubitably one of the true noble men in the financial industry, offers his personal insight on finance, investment, character, and life. Bogle has an incredible perspective considering the giant lack of integrity among his peers in the industry; the quality of his character can not be overstated. Bogle is both a true pioneer and a moral leader, always ensuring that he put the interests of his clients and investors well ahead of personal gains.
   
   The book begins with an overview of what Bogle considers to be the core issues of today's financial and business sectors, predominantly the focus on risk and speculation, and lack of focus on value and professional conduct. As a solution he promotes a focus on value before profit, character before wealth, and substance over stature. As Bogle describes, "We'll be better human beings and achieve greater things if we challenge ourselves to create value - with personal wealth not as the goal but as the by product. Best of all, by setting that challenge to ourselves, we'll build the character that will sustain us in our labors."
   
   Bogle transitions the book with an explanation of why he founded Vanguard, the firm widely renown for offering the lowest cost mutual funds available, as well as the his creation of the first index fund and the logic behind it. Bogle is an impressive success story, described in his own words as having "The stubbornness of an idealist and the soul of a street fighter." His life has been a focus on simplicity even in the face of dullness; his success a combination of practical ideas derived from Benjamin Graham and an exceptionally respectable desire to put value to clients before any personal gain. Vanguard's motto gives an idea of the type of man Bogle is: "Skill in what we do; imagination in what we create; integrity is what we produce; judgment in the goals we set for ourselves; courage in times of peril and good humor in adversity; and humility in accomplishment."
   
   The conclusion of the book offers insight into Bogle's philosophy on life. Based on the notion that the ultimate defining elements of your life will be based on the accumulation of the things that you do, not those that you acquire, this section provides a deep sense of perspective. Best described in his own words, Bogle affirms, "Each one of us can profit by some moments of quiet introspection about whether our lives are driven far too much by the accumulation of things, and not nearly enough by the exercise of bold commitment to a worthy cause."
   
   John Bogle represents the type of person we all hope epitomizes the successful business person; strong character with a commitment to value, honesty, and hard work. Had Bogle chosen to prioritize wealth there is little doubt he had the fortitude to be among the richest in the world, yet instead he created the world's largest no-load mutual fund company and enabled better retirement options for millions of people. If you seek to better understand the mindset of one of the most noble and successful financial people of our times, this book is essential reading.



5. To be fair, I am a big John Bogle fan. On the one hand, Bogle does an excellent job at pointing out the conflicts and excesses of business today - in addition to the respective consequences and prescribed solutions. On the otherhand, Bogle can't get "enough" of himself.
   
   As a man of great success and experience, he provides plenty of insights on how individuals can live a fulfilling and successful life and contribute to a better world from his viewpoint (mainly from a business perspective). His approach is a nice blend of philosophy and pragmatism - with a strong dose of critique.
   
   The only reason for not giving a 5-star rating is due to the constant references to himself, his own proper way of doing things, and the great invention he has "spawned" (his words describing the index fund). He makes reference to many individuals who have inspired him along the way, though most have passed on. This is reasonable, but he gives the impression that he stands alone in his greatness. Despite this observation, his contributions are great and he (and his message) is inspiring.