Tag Archives: investment book reviews

Market Masters Book Review

Market Masters Book ReviewMarket Masters, by Robin R. Speziale shares proven investing strategies you can apply.

But before we get into this book review, I should let you know that I actually had the pleasure of meeting the author. And…

As you might expect, he’s a young Canadian investor pursuing financial independence. I was lucky to make Robin’s acquaintance and grateful he extended me a copy of his book to review.

So what should you expect when reading Market Masters? Keep reading to find out what this do-it-yourself investing book is all about. Sound good?.

Market Masters Book Summary:

Market Masters is essentially a Market Wizards style book with a Canadian twist. It consists of interviews with successful Canadian investors (and one notable American). The book is packed full of lessons that can help individual  investors regardless of experience level.

One of the things I liked about Market Masters, is that it covered a wide variety of investing styles. The book starts out profiling notable value investors; but from there, it moves across the spectrum of money making methodologies.

While I’m not afraid to dive deep into a subject, like value investing (for example), I really enjoyed how Robin interviewed such a broad range of investors. It kept the book fresh, and I think as a reader I got more value out of learning from different specialists.

In addition to value, the book contains interviews with very successful growth and fundamental investors, as well as technicians and even a trading psychologist (amongst others).  I think this diverse mix of view points makes this book appealing to anyone with an interest in investing. You’ll have to buy it to see for yourself.

My Favourite Part of Market Masters:

I really liked reading Market Masters. I felt like I was there with Robin as he picked the brains of these investing greats. And overall, every one of the interviews was educational and added value. But if I had to pick one…

I think my favourite part was the interview with Jason Mann from Edgehill Partners. I really like how he looked for opportunities that contained not only value, but also price momentum (and catalysts).

And to be honest…

The reason I liked this part of the book is a little bit selfish. While I’m a fundamental investor at heart, I’ve been experimenting quite a bit with adding technical overlays to my investment decision-making process.

The ideas shared in this chapter really resonated with me because Jason Mann had faced some of the same challenges I did when trying to invest on a value-only basis. I appreciate his desire to figure out how to make money now, while still maintaing a fundamental edge and margin of safety.

But that’s just me.

So at the end of the day:

You might disagree with me about the best part of the book. But that’s okay. And that’s the point. I think anyone can probably take some of the lessons in Market Masters and apply some of the ideas to their own investing.

At the very least…

You’ll probably appreciate hearing the struggles that the market masters have had over the years with their own investing careers. Personally, I always find it validating when I know that other successful money managers have overcome some of the same obstacles I face.

So, I’ve rambled on quite a bit about Market Masters. Are you starting to get the picture about this personal finance book? Well, let’s put a bow on it…

Market Masters Book Review – The Final Word:

As you’ve probably guessed by now, I really enjoyed reading Market Masters. And I think you will too. For that reason, why not check it out on Amazon for yourself?

That said, if you’re still loping for more information, then please watch the video book review below. You’ll get even more information on Market Masters. And (especially if you’re Canadian) you’ll probably find that this could be a great investing book for you.

Market Masters Video Book Review:

Diary of a Professional Commodity Trader Book Review

Diary of a Professional Commodity TraderDiary of a Professional Commodity Trader, by Peter L. Brandt shares “Lessons from 21 weeks of Real Trading.”

So I guess the question is, do you think you can learn from the trading diary of a professional trader? Well, before making a decision, keep reading this book review to get a detailed summary of Diary of a Professional Commodity Trader.

And by the way…

In case you hadn’t heard of Peter Brandt, he’s been trading actively since about 1981.So with over 3 decades of experience in the markets, it’s hard to imagine that you wouldn’t be able to learn from his shares experiences in this book.

But enough with the preamble, let’s get down to business.

Summary of Diary of a Professional Commodity Trader:

Diary of a Professional Commodity Trader is a great book. But it isn’t just a diary. The book goes above and beyond just a simple trading journal. So what should you expect?

For starters, Diary of a Professional Commodity Trader begins by introducing Peter Brandt and how he got into trading. Then, it talks about his approach to the markets. He spends a lot of time introducing his classical charting approach and who his influences are. Even if you aren’t a commodity trader, these insights are still of valuable and entirely transferable to other markets.

From there…

Peter goes on to share his specific entry criteria, stop loss and trailing stop system. I actually couldn’t believe the level of detail that the book shares regarding Brandt’s trading system. Even more impressive was how he openly discusses how he manages open trades and when he takes profits or stops out.

Finally, as promised:

The last 5 chapters of Diary of a Professional Commodity Trader share trade-by-trade exploits that take place from December 2008 – April 2009. It’s a wonderfully relevant and recent example of how contemporary commodity traders can profit in the market.

Of course, the author then ties a bow on everything with a post-script summary and retrospective analysis on his transparent trading journal. It’s a great learning opportunity.

ButI haven’t even talking about the best part yet.

Diary of a Professional Commodity Trader – The Best Part:

Diary of a Professional Commodity Trader isn’t just a trade journal or the discussion of a trading system. The author spends a lot of time sharing his best practice, especially as it pertains to trading psychology. He spends a lot of effort trying to communicate that the hardest part about trading is the upstream swim against human psychology. Trading successfully isn’t intuitive.

But one of the best takeaways I got from this was that trade entry is the least important aspect of a trading system. Diary of a Professional Commodity Trader makes the point that even though most trading systems and traders are worried about finding the perfect entry; in fact, that should be the last of their worries.

Trading success has much more to do with money management and emotional management than finding the perfect stock pick. Make sense? It’s a critical point and I think the book is oath reading solely for this reason.

Diary of a Professional Commodity Trader – One Wish:

if I had one wish for Diary of a Professional Commodity Trader, it’s that the trading period covered was a little bit longer. I appreciate this may not have been feasible or realistic since the book needed to get to print. But 5 months feels like a very short window into the life of someone who has been trading for decades.

Nonetheless, I guess I can’t fault this book too much if my biggest complaint is that I wish there were more of it, right?

With that in mind, let’s wrap up this book review.

Diary of a Professional Commodity Trader – The Final Word:

Diary of a Professional Commodity Trader is a great trading book. And it will definitely be enjoyed by any traders who are looking to peel back the curtain and see the inner workings of a successful professional trader. It’s a perspective you aren’t likely to find anywhere else.

And for that reason alone (plus all the others above), I recommend you buy Diary of a Professional Commodity Trader on Amazon if you’re a trader looking to get ahead in the markets.

Of course, if you still want more information, you’re welcome to watch the video book review below for even more detail.

Diary of a Professional Commodity Trader – Video Book Review:

The Complete Turtle Trader Book Review

the complete turtle trader book reviewThe Complete TurtleTrader by Michael Covel, is the story of “How 23 Novice Traders Became Overnight Millionaires.”

And by the way…

In case you missed it, I recently did another book review of Michael Covel’s other book, Trend Following. I’m very happy I read both of these books around the same time. So if you’re interested in The Complete Turtle Trader you may want to check out Trend Following too.

That’s because:

The Complete Turtle Trader is basically a story of applied trend following. If you’ve never heard of this book, you’re going to be amazed by the story behind it. And best of all, it’s all true!

Curious yet? Great. Then let’s get into the details. I’m excited to tell you what The Complete Turtle Trader is all about.

Summary of The Complete Turtle Trader:

The Complete TurtleTrader is a fascinating true story about a bet between trend following traders William Eckhardt and Richard Dennis. Similar to the movie Trading Places, the two trend followers bet whether or not successful trading could be taught or if it was something you were born with.

That’s right…

It was the ultimate nature vs. nurture debate, when it came to the world of trading. And The Complete Turtle Trader is the book that captures this story. It’s fascinating.

The book starts out by profiling Richard Dennis, an eccentric and successful commodity trader. You learn who Rich is, and how he’s making so much money in the commodity pits. From there…

The book then moves on to how Richard Dennis had the idea for the turtle competition with his colleague William Eckhardt. In detail, The Complete Turtle Trader reveals how the new trades (referred to as turtles) were identified, interviewed and hired. It explains how they were trained. In detail.

From there, the book continues on over the course of the turtle experience. And the results are nothing short of astounding. Finally, the book wraps up by showing where the turtles are today. It’s a round trip in history’s greatest trend following experiment. I very much encourage you to check it out.

But that’s not even the best part:

The Best Part of The Complete Turtle Trader:

The Complete TurtleTrader was a great book. I had a tough time putting it down. But there was one part of the book that absolutely blew me away.

In chapter 5 of The Complete Turtle Trader, Michael Covel actually reveals the exact trading systems that the turtles used to build their multi-million dollar fortunes.

I couldn’t believe it.

It seems like traders and investors are always looking for the best way to find stock trading ideas. And here, hiding in plain sight, is a proven system that consistently generated double-digit returns.

Why aren’t more people talking about this?

For this reason alone, I would recommend that you buy The Complete TurtleTrader as soon as possible. In all the investment books I’ve read, nowhere else have I seen a detailed trading system like this that’s simple, straightforward, and they work!

And to be honest…

As was the case with my Trend Following book review, I am struggling to find something negative to say about The Complete Turtle Trader.

Maybe you could argue the book is a short summary of a very detailed story. And I wouldn’t be complaining if it were a little bit longer. But if that’s the biggest problem with this book then I think I can give it two thumbs up.

On that note…

The Complete Turtle Trader – The Final Word:

The Complete Turtle Trader is a wonderful book about how trend following can be applied. I seriously recommend that if you have any interest in technical trading you check out The Complete TurtleTrader on Amazon.

Of course, if you want more information about The Complete Turtle Trader, you can also check out the video book review below.

The Complete Turtle Trader – Video Book Review:

Trend Following Book Review

Trend Following by Michael CovelTrend Following, by Michael Covel, explains how you can ‘Learn to Make Millions in Up or Down Markets.’

So is it for real? Does this book really hold the secrets to stock market success? Well, in this book review of Trend Following, you’re about to find out.

And although most of the book review I do here at StockIdeas.org are focused on fundamental investing, it’s nice to switch it up every once in a while. I’m also happy to say that…

After reading Trend Following, I’m confident even fundamental investors can benefit from some simple technical rules to help them avoid getting taken advantage of their own emotions. Make sense?

Good. Now let’s get down to business…

Trend Following by Michael Covel Book Review:

Trend Following by Michael Covel is probably the most comprehensive book on the subject of trend following trading. It’s foundational reading for anyone who is interested in learning more about how trend following works. So the title doesn’t lie.

The book is also easy to read, broken into digestible sections with interesting and insightful quotes from famous trend followers and traders in the margins. It’s a great reference book you can draw from again and again.

Trend Following is well-written and logically laid out. The book introduces the concept of trend following, including the basic ideas and goals of trend following traders. From there, the book introduces some of the world’s most famous trend followers and examines their return data.  Suffice it to say…

The trend following trading data is pretty compelling. After browsing through their returns, it’s hard not to give trend following a sober second-thought. But the book doesn’t stop there.

Trend Following continues by exploring some of the psychology behind trend following. And I think for me at least, that really made a difference.

My Favourite Part About Trend Following:

When reading Trend Following by Michael Covel, I really appreciated the sections about behavioural economics and trading psychology.

And don’t get me wrong, the book does a great job describing trend following trading techniques. But…

I just loved how it went the extra mile to talk about some of the psychological and emotional challenges that can confront someone who is trying to learn applying trend following trading.

Because if you’ve ever done much trading yourself, you know it can be difficult at times to keep your compose and stick to your plan. The fact that trend following provides some tips and ideas for tackling this aspect of stock market success is very valuable.

Now, usually at this point in the book review, I try to find something negative to say. Because I want to give you a balanced review.

But the truth is, I read this book in a couple of days, took lots of notes throughout, and had a lot of trouble putting it down. The book was engaging. And although there wasn’t any focus whatsoever on fundamental analysis, it was very interesting and applicable for traders and investors.

The only other thing worth mentioning is that while trend following can be applied to stocks (and the book has a great appendix on this), the majority of professional trend followers are commodity trading advisors that trend follow all sorts of different markets. This makes pure trend following a little bit tougher to access for the individual investor.

Trend Following – The Final Word:

By now, you should see that Trend Following had a very positive impression on me. I found techniques and ideas that I think I can apply to my investing. For that reason alone, I think you’d be wise to check out Trend Following on Amazon, and see for yourself.

Of course, if you’re still not convinced about this book, you can always watch the video book review to hep you get even more information on Trend Following.

Trend Following – Video Book Review:

Wealthing Like Rabbits Book Review

Wealthing Like Rabbits Book Review

Is Wealthing Like Rabbits the right book for you?

Wealthing Like Rabbits by Robert R. Brown is an Original introduction to personal finance.

But before we get into this book review, I want to let you know I got this book for free. It was given away at a personal finance conference I attended. But I don’t think this will bias my review.

The other thing I should mention from the outset of this book review, is that Wealthing Like Rabbits is primarily a book for Canadians. While the basic personal finance lessons still apply to those in the USA, the account types discussed are all specifically about Canada. So if you’re looking for a personal finance book for south of the border, you might be better off with something like I Will Teach You To Be Rich.

Now, with all that preamble out of the way, let’s get down to the business of this book review. Sound Good?

What’s Wealthing Like Rabbits All About?

As you’d expect, Wealthing Like Rabbits is an introductory-level book about personal finance.

In summary, this book covers the blocking and tackling of sound financial management. And even though this is something I am familiar with, it’s always good to get a fresh perspective and a thorough refresher.

Speaking of fresh perspective…

Wealthing Like Rabbits is a pretty eccentric book. But I kind of like that. It makes the topic of personal finance much more bearable (similar to The Wealthy Barber). I think this “easy to access” education is especially important for those who are just starting to learn about finance and investing.

Books like Wealthing Like Rabbits make it much easier for people to start empowering themselves with financial education. And that reminds me of the best pat of Wealthing Like Rabbits.

Let me tell you war I mean.

The Best Part of Wealthing Like Rabbits:

The best part about the book Wealthing Like Rabbits, is how actionable the information is. I think this is especially important in the world of personal finance, because the power of compounding really does work for or against you. If you aren’t snowballing money for your future, then time is working against you. So for that reason I really appreciated the actionable urgency of this book.

As an example, one thing I didn’t know about was the T1213 form, which allows you to reduce your payroll tax by declaring you’ll make RRSP contributions. Pretty cool, right? I’m going to put this tip into action for myself. But Wealthing Like Rabbits doesn’t stop there.

Whether you’re looking for insight on buying vs. leasing a car, renting vs. buying a house or paying down debt vs. saving for retirement, Wealthing Like Rabbits has actionable information that you can use. For this reason, I think the book is a great primer on personal finance.

Now, in the interest of giving a balanced book review, I wanted to let you know that the book isn’t perfect.

One Weak Spot for Wealthing Like Rabbits:

Wealthing Like Rabbits is a good introductory read for those looking to learn more about personal finance, there’s no denying that. But as is the case with almost any introductory text, they try to cover a lot of ground in a short amount of time.

I appreciate the author’s struggle. You want the book to be comprehensive without being intimidating. And I agree with the author’s approach that it’s better to drive home a few key fundamental points with lots of different examples in different areas of life. But there’s also a drawback to this approach.

Personally, I find that these types of book (including Wealthing Like Rabbits), tends to jump around a bit. The experience as a reader is a little disjointed, because while the theme of personal finance is consistent, the book doesn’t have much of a narrative. I realize this isn’t the end of the world, but I think a more cohesive journey for you as the reader can help you get even more out of the book.

So now that you’ve seen the pros and the cons of Wealthing Like Rabbits, let’s bring this book review to a close.

Wealthing Like Rabbits – The Final Word:

Wealthing Like Rabbits  is a good introduction to personal finance, especially for your Canadian cousin who overspends and under saves. Plus, the book is pretty fun and easy to read. For that reason alone, it’s worth checking out Wealthing Like Rabbits on Amazon.

But if you’re still on the fence, feel free to watch the video book review below to get even more insight into whether or not Wealthing Like Rabbits  is the right personal finance book for you.

Wealthing Like Rabbits – Video Book Review:

The Wealthy Barber Returns Book Review

The Wealthy Barber Returns, by David Chilton, offers Significantly Older and Marginally Wiser, Unique Perspectives on the World of Money.

Of course, the reason the book is significantly older, is because it’s something of a sequel to The Wealthy Barber, which was a personal finance classic here in Canada (over 2 million copies sold!) But I never read it.

Then last week, I was at the Canadian Personal Finance Conference, and the author, David Chilton was a keynote speaker. I quite enjoyed his talk, and thought it went well beyond personal finance. And then I noticed a free copy of The Wealthy Barber Returns in my conference bag. The book is only about 200 pages of light and punchy writing. So I tore through it pretty quickly.

And my hope is, by the time you’re done reading this book review, you’ll have a good understanding of whether this is the right personal finance book for you.

What The Wealthy Barber Returns is All About:

The Wealthy Barber Returns is a funny, smart and to the point book about personal finance best practice for Canadians. The book talks about the basics of spending, staying out of debt and paying yourself first. But it does it in a refreshing and entertaining way. If you’re new to the world of personal finance, you’ll find this book easy to read and simple to understand. Not bad, right?

The Wealthy Barber Returns goes on to offer advice about RRSPs vs TFSAs, the dangerous cost of line-of-credit-enabled home renovations and the benefits of forced savings and index investing. All in all, the book is a pretty great primer on personal finance, especially for Canadians. Now let me tell you about my favourite part of this book.

The Best Part of The Wealthy Barber Returns:

The Wealthy Barber Returns isn’t necessarily ground-breaking. It’s good old-fashioned advice you can rely on. So if you’re looking for an innovative investment strategy this isn’t the book for you. On the other hand…

The best part of this book is it delivers this time-tested material in a way that’s engaging and entertaining. A lot of personal finance advice, although simple, is lost on people because of how boring it is. There’s no laugh factor, and that makes it dry to learn about if you don’t have a burning passion for this kind of stuff. And let’s face it, most people don’t.

For that reason, The Wealthy Barber Returns might make a good gift. If you have friends and family that could benefit from better money management this is an easy introduction that might really help them out. I think because of how short and entertaining the book is, even those with the biggest credit card deficits could get something out of it.

Where The Wealthy Barber Returns Could be Improved:

Personally, I quite enjoyed The Wealthy Barber Returns. But my only complaint would be that the book could have been structured a little bit better. While the book was easy to understand, it didn’t feel like there was much logic to the organization of the chapters. It was a little bit of a spattering of ideas.

I don’t think this necessarily took away from the value of the book. But it might have been a lost opportunity to create a little bit more of a narrative for the reader. All in all though, this is a relatively minor drawback and I’d still recommend The Wealthy Barber Returns.

Now let’s finish this up.

The Wealthy Barber Returns – The Final Word:

The Wealthy Barber Returns is a refresh of a personal finance classic. And it’s good to hear a contemporary update from a trusted voice in the world of money. Plus, the book was easy and fun to read. I think that’s  an often under-rated aspect of personal finance books. For these reasons I recommend you check out The Wealthy Barber Returns on Amazon.

If you’re still not convinced this is the right book for you, I recommend you watch the video book review below. This will give you even more insight into The Wealthy Barber Returns, to help you decide if you’d like to read it.

The Wealthy Barber Returns – Video Book Review:

The Dark Genius of Wall Street Book Review

The Dark Genius of Wall Street Book ReviewDark Genius of Wall Street, by Edward J. Renehan, Jr. explores “the misunderstood life of Jay Gould, King of the Robber Barons.

In this book review, I’ll tell you all about The Dark Genius of Wall Street. So that you can decide if this is the right investor biography for you. Sound good?

So you might be wondering, how did I come across this book? Well, last summer, a commenter on my YouTube Channel recommended a book about The Epic Life of Cornelius Vanderbilt. In that awesome biography, you meet Jay Gould from the perspective of camp Vanderbilt. And I was intrigued.

So naturally, I was curious when I came across this retrospective that portrays Jay Gould starkly different from the villain Vanderbilt’s biographer made him out to be. And in that regard, the book didn’t disappoint. Now let me tell you more about the king of the robber barons.

A Summary of The Dark Genius of Wall Street:

Dark Genius of Wall Street is a biography of Jay Gould. It starts out in the Catskills, where Jay was born. And like any good biography, the book spends a couple of chapters speculating and exploring the influences that may have shaped young Gould in his early years. Since Gould was growing up in the 1800’s, these anecdotes of how he got started in the tannery business were fascinating.

From there, the book examines Gould’s early ambitions in business. You see how he got his start, surveying the hills of his county and trying to sell maps. It wasn’t exactly easy going. But Gould’s industrial efforts prevailed. And he managed to snowball his earnings at a rather respectable rate.

Eventually Gould moves to Manhattan, and more specifically, Wall Street. From there, he hatches one strategy after the other to methodically build his empire. And this is where the stories really get interesting. From his daring endeavours with Daniel Drew, to his clashes with Carnegie, Gould made an impression on early America.

I can’t do the stories justice, so I’ll leave it to you to read more for yourself in The Dark Genius of Wall Street. But first, let me tell you my favourite part.

The Best Part of The Dark Genius of Wall Street:

Dark Genius of Wall Street is a really enjoyable read. At around 350 pages, it actually comes in pretty short for a biography. But let me tell you the best part.

I think the aspect of this book that I liked best, is that it challenges the conventional perception of Jay Gould. The book does a good job drawing on primary sources and pointing out factual inaccuracies in the accepted folklore about Gould. I appreciated this perspective, because at the same time the author doesn’t hold any illusions about Gould’s true intentions.

The reason I like this approach is because it helps you more accurately appreciate the conquests of this epic businessman. Does that make sense? Good.

And one more thing…

Another reason I like reading biographies is how they often reinforce important lessons. For example, The Dark Genius of Wall Street makes it abundantly clear that by no means did Jay Gould have an easy childhood. He wasn’t spoon-fed success. Instead, he hustled, showed initiative and made things happen for himself. Personally, I always find this to be validating.

On a darker note, it’s also insightful to see that almost invariably, the legacies of these one time kings don’t last. In the case of Gould, as in Vanderbilt, their children and grandchildren for the most part squandered their fortunes. It goes to show, you have to work hard to earn it. And that’s the main lesson from these kind of biographies. The Dark Genius of Wall Street was just a particularly exciting one to read about.

So by now, you should be getting a good picture of what The Dark Genius of Wall Street is all about, right? Then let’s draw this thing to a close.

The Dark Genius of Wall Street – The Final Word:

The Dark Genius of Wall Street is a fascinating financial biography about one of Wall Street’s most mysterious men. For that reason alone, I think it’s worth buying Dark Genius of Wall Street on Amazon.

Although if you still aren’t convinced, you’re welcome to watch the video book review below to help you get even more insight into the exceptional read.

The Dark Genius of Wall Street – Video Book Review

The Business of Family Book Review

The Business Of Family Book ReviewThe Business of Family by Linda Davis Taylor, explores “How To Stay Rich for Generations.”

This book came on my radar, when the friendly people at FSB Associates recommended it to me. They sent me a copy to read and review. And I’m happy they did.

Now before I tell you what The Business of Family is all about, let’s talk about the author for a second…

Linda Davis Taylor, is CEO of America’s oldest investment advisory firm, Clifford Swan Investment Counsel. She’s the fourth generation of family running her firm, so I think she’s well-positioned to give advice about how to keep money in the family for the very-long term. Now let me tell you what this finance book is all about.

Summarizing The Business of Family:

The Business of Family takes an insightful look at an important but little-mentioned topic. The long-term financial success, as well as the overall success of your family is critical to those interested in amassing a fortune. After all, what’s the point of working so hard if your money dies with you?

The Business of Family looks at the issues of family, legacy and finance from a new angle. By evaluating industry research, profiling well-known successful family businesses and applying a little book of common sense, this book promotes a thought-provoking approach to managing your family. Emphasis on managing.

I was pleasantly surprised at how the author advocates using business best-practice to improve the life of your loved ones. When you read The Business of Family you’ll learn the importance of applying focus and discipline to your home life, just as you would a financial investment. Your business mindset can actually improve your family time. But you’ll have to read this book for yourself to find out how.

The bottom line is, when you reflect on the lessons in this book, they all make sense. As with anything, the challenge will be in applying these lessons consistently. So if you can pull it off, a new level of fulfillment might await you.

One Word of Warning About The Business of Family:

The Business of Family takes a neat twist on something that most financial professionals probably don’t often think about. For that reason, I wanted to give you one quick word of warning about this book.

You see, while the benefits of implementing this book’s ideas are sure to outweigh the effort over the long term, the book could be perceived as a little shocking to certain of you in the financial industry. Here’s why…

The truth is, a lot of bankers, brokers and traders work hard, and might not to get spend as much time with their family as they like. So admitting to and addressing the challenge head-on might be tough to come to grips with. Ironically, those are some of the people that could probably benefit most from this book, lest they hustle so hard for naught.

The Business of Family – The Final Word:

The Business of Family addresses an important topic that doesn’t get enough attention in today’s mainstream financial media. We all work so hard, but we don’t always consider how we can apply our business success to our family. And as shown in this book, when done right, it can work wonders. For that reason I recommend you take a look at The Business of Family on Amazon

The Business of Family – Video Book Review:

Winning The Loser’s Game Book Review

Winning The Loser's Game Book Review

Can you win the loser’s game?

Winning the Loser’s Game, by Charles D. Ellis CFA, shares “Timeless Strategies for Successful Investing.”

Winning The Loser’s Game is a great finance and investing book. I discovered this book by listening to the Masters in Business podcast on Bloomberg Radio, hosted by Barry Ritholtz. The author, Charlie Ellis, was a guest on the podcast. And…

Since I really liked what I was hearing, I thought buying Winning The Loser’s Game (6th edition), would be a good next step. So in this book review, I’ll tell you why I’m glad I made this decision. Plus…

You’ll also learn exactly what this book is about, so by the time you’re done reading this review you should be able to confidently decide if this is the right investing book for you. Sound good?

Now let’s get down to business.

Summary of Winning The Loser’s Game:

Winning the Loser’s Game is a classic guide to winning on Wall Street. And if anything, this book is even more relevant today, than when it was first published in 1998. This updated edition also helps investors apply the advice in a contemporary manner. It also reinforces the initial findings. by proving they’re standing the test of time. So let me tell you what you should expect.

First off, Winning The Loser’s Game explains exactly what a loser’s game is. The premise is simple: loser’s games are those that you win by avoiding mistakes, rather than taking a positive action. Think about golf, or amateur tennis. In those sports, most of the time the winner is the person who makes the fewest mistakes.

So how does this apply to the stock market?

Ellis argues in Winning The Loser’s Game that over the last 10-20 years, professional investing has become a loser’s game. It wasn’t always that way. But now there are so many intelligent professionals studying so hard, that trying to outperform the market has become a loser’s game. And to make matters worse, avoiding mistakes isn’t easy!

So what’s an investor to do? Well, luckily Winning The Loser’s Game doesn’t just talk about the challenge facing today’s stock market investor. The book also proposes a new way of thinking about the markets and the steps you can take to turn investing into a winner’s game. So how does it work?

The main thrust of Winning The Loser’s Game is that instead of trying to beat the market, you should make the market work for you. You can do this by carefully defining your investing (or retirement) goals. That’s the most important step. In order to win, you need to define what winning looks like for you!

Then, based on your risk tolerance, conservative expectations of returns and passive low-fee asset allocation you can build a diversified portfolio that will get you where you need to be. Make sense?

Ellis really tries to hammer home the point that asset allocation, realistic expectations and understanding your risk tolerance (or being able to stick with your long term plan) are the key to making investing a winner’s game.

Of course, the book covers all of these topics in compelling detail. So you get a much more convincing discussion of the issues than I’ve managed to summarize above. But hopefully this gives you a taste. Now before we wrap up this section, you should know…

Winning The Loser’s Game is also very well written. It’s concise, reads quickly and is to remember. As you probably know, some finance books can be quite boring. That’s why I like to give extra points to those that are easy to understand and a little entertaining. So are you getting hungry to read this book yet?

Well, hold on a second. We still haven’t gotten to my favourite part of this book. Do you want to hear it?

The Best Part About Winning The Loser’s Game:

If you ask me, the best part about Winning the Loser’s Game is the way it reframes a lot of common issues. In a lot of ways, it’s very similar to A Random Walk Down Wall Street. But Charlie Ellis’ book explores this tired topic from a refreshing angle.

To be honest, I like the way Winning The Loser’s Game is upfront about how hard consistent outperformance by active management is. Ellis doesn’t deny the facts. But he also gives hope and provides a compelling and actionable roadmap for how, even without beating the market, you can use investing savvy to achieve everything you’d ever need to have a rich and fulfilling life.

Of course, as someone who runs a blog about stock ideas, you have to expect I have some bias towards active investment management. But even with this outlook, I still really appreciated how this book broached this perennial debate.

Now before we finish this book review, I just want to say:

Usually at this point in my investing book reviews, I try to find something negative to say about the book I’m reviewing in order to provide you with a balanced perspective. But in the case of Winning The Loser’s Game, I really can’t complain. The book is smart, focused and communicates the compelling message clearly. Hard to argue with that, right?

Winning The Loser’s Game – The Final Word:

By now, you are probably getting the feeling that Winning The Loser’s Game is a book worth reading. And if you have a serious interest in investing, you’re probably right to check it out. I’d also like to re-emphasize that the author of the book is also an incredibly successful investor who you can certainly learn from. For these reasons, I recommend checking out Winning The Loser’s Game on Amazon today.

On the other hand, if you’re still a little unsure about whether or not Winning The Loser’s Game is the right book for you, I encourage you to check out the video book review below. This should give you even more great information on Winning The Loser’s Game.

Winning The Loser’s Game – Video Book Review

Winning On Wall Street Book Review

Winning On Wall Street Book ReviewWinning on Wall Street by Martin Zweig Martin Zweig shows you How to Spot Market Trends Early, Which Stocks to Pick, and When to Buy and Sell for Peak Profits and Minimum Risk.

I’ve been meaning to read Winning on Wall Street for a long time. So I’m glad to finally share this book review with you. Here’s what you can expect:

First, I’ll give you an overview of the book, as well as what I liked and where I would have liked a little more. Then, we’ll wrap things up. And for good measure, I’ve also thrown in a video version of the book review at the bottom of this post. Sound good?

By the time you’re done reading this book review, you should have a great idea of what Winning On Wall Street is all about. And hopefully you’ll be able to decide if this is the right book for you. Now let’s dive into it.

Winning On Wall Street: What It’s All About

With a title like that, Winning on Wall Street sure promises a lot. And let me tell you, it delivers. But first, let me tell you about the author for a second…

For those of you unfamiliar, Marty Zweig was a Wall Street legend. His newsletter, Zweig Forecast, was one of the most well-regarded services that truly stood the test of time. He was also famous for publicly calling the 1987 crash the Friday before it happened. So what could be more insightful than a look inside his head, right?

And that’s what Winning on Wall Street delivers. In the book, Zweig shares his market timing indicators and models for determining when to go long or short stocks. He explains how to get in early on a bull market and where to raise your stop-loss order along the way.

And hey…

You might not know this but, Martin Zweig was the first guy who really came out saying “Don’t Fight the Fed.”  And so the book starts with his monetary models for determining market exposures. From there, Zweig moves on to his next mantra; “Don’t Fight the Tape,” which explains what market momentum and performance indicators he used to time his buying and selling in the stock market.

So basically, by the time you’re done reading Winning on Wall Street, you’ll have a good grasp of how Martin Zweig, one of the world’s most respected investors, approached the stock market.

But that’s not even the best part.

My Two Favourite Parts of Winning on Wall Street:

There was a lot to like about Winning on Wall Street. But for me, two parts stood out most. And one part, stood out more than the other.

Let me explain:

The first thing I really liked about Winning on Wall Street, was that Zweig mentions stock fundamentals. He doesn’t talk about it much. And it’s not the main focus of his book, whatsoever. But when you’ve read as many fundamentally-focused investing books as I have…

Well, let’s just say it was validating for me that Zweig mentions he prefers to apply his approaches to stocks that are on strong fundamental footing. I also appreciate this hybrid approach that puts all the odds in your favour. So it was nice to see Zweig shared it too, however briefly.

Now, the other thing I really liked about Winning on Wall Street is…

The book is a clear proponent of mechanical and rule-based tactical asset allocation models. In general, I’m a big fan of this approach. I think it eliminates human cognitive errors and biases. The book explains how to systematically use stop losses and how to define your exposure to the market. I really like this consistent approach to stock trading.  And when used in conjunction with the proper trading psychology (see Trading in the Zone), it can be a very powerful approach to potential outperformance.

While I’m skeptical about a few of Zweig’s indicators, he admits the book was but a glance at his investing methodology. So I’m sure there’s much more to it. And that leads me to my next point…

Was Winning on Wall Street Too Short?

I really liked Winning on Wall Street. And at about 250 pages, it wasn’t short by most people’s definition. But the book was certainly digestible. Now I hear what you’re saying…

Usually a readable book isn’t a bad thing. But in this case, I just wish there was more information to soak up. I would have loved to learn more about some of the newer indicators Zweig was

Alas, this is all we have. So…

Winning on Wall Street – The Final Word:

Winning on Wall Street is a great summary of the investing legend Martin Zweig’s approach to the stock market. And for that reason alone, I think it’s worth picking up a copy of Winning on Wall Street on Amazon.

But if you’re still a little unsure if this is the book for you, just watch my video book review of Winning on Wall Street below.

Winning on Wall Street – Video Book Review: