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The Investment Answer, by Daniel C. Goldie Gordon S. Murray
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Review
"An excellent primer for the investor who is not a finance specialist." --Eugene F. Fama, Robert R. McCormick Distinguished Service Professor of Finance, Chicago Booth School of Business, widely recognized as the "father of modern finance," Nobel Laureate in Economics, 2013"Goldie and Murray have distilled the essence of the matter, andexplain in clear English, the advantages of using a fee-only financial advisor, how to select such, and how to work with one in the short and long run. This is sound advice, which you will rarely if ever get from a daily financial newscast." --Harry M. Markowitz, PH.D., Nobel Laureate in Economics, 1990, Father of Modern Portfolio Theory "Gordon Murray and Dan Goldie have written a book that everyAmerican should read. Its clarity de-mystifies the investment process and its insights can make anyone who reads it a better investor." --Bill Bradley, former United States Senator"I'm glad to see Gordon and Dan collect these insights into a handy, easy-to-use primer so Gordon can stop explaining these principles at Sunday brunch and family birthdays. Full disclosure: Gordon's my brother-in-law. That said, I found this slim volume incredibly helpful in explaining how to think about investing. It's reassuring to know there are some simple principles anyone can keep in mind to make decent decisions and banish the vague anxiety most of us have about where we've put our money." --Ira Glass, Edward R. Murrow Award winner, Host of NPR's This American Life"Murray and Goldie use simple yet compelling logic to explain the fundamental principles of investing. Their clear advice will improve your investment experience." --Kenneth R. French, Heidt Professor of Finance, Dartmouth College, Tuck School of Business "Gordon Murray and Dan Goldie share secrets that Wall Street would rather you not know. You can implement a few simple strategies at a very low cost that will outperform most of the stock picking and complicated advice hawked by high-priced brokers. Read this book and prosper." --Joseph A. Grundfest, former SEC Commissioner, cofounder of Financial Engines, and Professor of Law and Business at Stanford Law School"Wow! Goldie and Murray have just hit a home run. If I could give only one book on investing to my friends and family, this one would be it." --Bob Waterman, co-author, In Search of Excellence, former director of McKinsey & Company
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Review
"Demystifies the investment process . . . a book every American should read." —The Honorable Bill Bradley, former United States senator "Wow! If I could give only one book on investing to my friends, this would be it." —Bob Waterman, bestselling coauthor of In Search of Excellence
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Product details
Hardcover: 96 pages
Publisher: Business Plus; First edition (January 25, 2011)
Language: English
ISBN-10: 1455503304
ISBN-13: 978-1455503308
Product Dimensions:
0.2 x 5.8 x 8.8 inches
Shipping Weight: 7.8 ounces (View shipping rates and policies)
Average Customer Review:
4.0 out of 5 stars
296 customer reviews
Amazon Best Sellers Rank:
#22,281 in Books (See Top 100 in Books)
Great book that pretty much states what Warren Buffet and Charles Schwab have said for years; you can't capitalize on market inefficiencies (and arbitrage them) in the long run, especially with today's technologies. If you are the average investor, indexing with appropriate asset allocation and weighting based on your target age trigger and risk acceptance will beat active management every time. Period.My only disagreement is that they advise a fee-only advisor. I think this is not really necessary. They do NOT know anything more than the well informed average investor does. You will pay 1-2% per year for this service. I had one for 9 years, and all he did was MAYBE rebalance things once every two years and make sure he sold enough shares every six months so he could pay himself out of my portfolio! If you need this service, what you are really paying for is the illusion that someone is taking better care of your money than you can. If that were true, I would do it. It's not, and all the data in the world supports that.If you really want to be afraid of active managers and Wall Street "geniuses" read Michael Lewis's "The Big Short". Certainly made me put everything a broad index funds with proper weighting. If there weren't indexing, I would pull everything out of the stock market yesterday. It's a terrifying read.Anyway, this is a great book. Read it. Put the advice in action, and relax. We are all in the same boat.
After my wife died, I spent several months mourning and just getting by, paying bills and responding whenever necessary to financial imperative. Frankly, despite many years of successful investing, I was lost and didn't know where to start.A friend sent me this excellent short survey of how to invest for my future, and I followed their plan of action:I evaluated my personal investment goals and time frame.I worked out a sense of my tolerance for risk.I studied the data in the book demonstrating that risk and returns are correlated.I forgot about market timing, stock picking, commodity speculating, day trading, all the activities that benefit trading pros and managers.I chose an asset allocation model following a few simple principles, and have set to selling off real estate, which constitutes the bulk of my assets.I've been buying diversified global stocks for the equity component with low expenses.At my age, preserving capital is a major goal, and so far the strategy seems to be working.This was a very worthwhile investment in my financial planning, and frankly in grounding myself in basic principles and giving me peace of mind.***At the end of 2013, with three properties sold and two to go -- plus a bunch of personal property -- I decided to turn management of my assets over to professionals. We went through the same basic strategic analysis -- I was surprised at how closely the professionals followed the principles set forth by Goldie and Murray. I accepted a bit more risk because I knew these pros would do better than I would, and one year after that -- last month -- when we sat down I was delighted with the results.(Contact me by email for the name and address of the company I chose; several folks active in investments at the very highest levels agreed that it is first rate.)I'm on the verge of selling the fifth property, and am going to finish selling the personal property by the end of the year. A very good book helped me through a process that many widowers (and widows) cannot handle at all. I'm now beginning to devote my efforts to not for profit work with rather lofty goals, but comfortable in the belief that the professionals have my backRobert C. RossApril, 2012revised April 2015
Given the daily barrage of investment shows, the non-stop stream of investment advice, the obsession of millions of Americans with the market--as a hobby, a lottery, a game at which you win or lose--this is a productive book to read even if you think you know the "investment answer" to begin with. The public's constant preoccupation with "star" fund managers, with ratings of funds that, after 10 years, tend to converge, whether growth funds or money market funds, in percentages gained and lost--all borders on Freudian narcissistic anal fixation. This book's very brevity, on the other hand, challenges the notion, espoused by many, that what the public, including young people, need most is "education" about finances. No wonder we're losing ground to nations like China and failing to produce better thinkers and scientists if that's the general understanding of the term "education." Investing is about common sense, statistics, and being in possession of some crucial "information"--which is a far cry from the life-changing, mind-expanding potential of a broad yet deep "education."If you're incapable of tearing yourself away from CNBC for a single day or of checking on your portfolios by the hour, this book could lead to a fuller, more rounded and productive life. It covers what is largely familiar territory for those who are aware of the enormous odds against simply matching the market averages and who have learned about "efficient markets" and the advantages of "passively managed," or "index funds," which are always the best bet at staying even with the market while not giving back any earnings to the high-expense funds that trade heavily. It endorses "diversification" but warns against diversifying over narrowly--as some investors are prone to do when their singular success in one technology stock leads to purchase of many more stocks in the same sector.Perhaps the most surprising statement made by the authors--especially after the public has been constantly teased by prospects of higher and higher gold prices and the virtual "necessity" of having at least 10% of one's life-savings invested in the metal--is the authors' contention that gold, silver, platinum, titanium, hard commodities and agriculture--don't belong in the average person's portfolio, period. Commodities take you out of the earnings stream and and limit positive growth. Above all, capitalism by its very definition means a "positive return" for the economies that practice it. As a so-called "hedge," commodities don't reduce risk, which is what investing should be about: instead, they increase risk, whether in terms of a short-term loss or a short-term gain. Investing in commodities is nothing more than a bet. The authors bluntly say that, in their opinion, investors don't need alternative investments such as commodities in order to have a successful investment experience.In short, investing is about going on a trip to a place you firmly believe exists and to which you would like to travel. It's not, contrary to the practice of many investors, a game of winners and losers, so why "hedge" against either possibility? Yet some people will buy expensive insurance contracts in the event the trip is cancelled or invest in over-priced umbrellas in the event of rain. If such use of time and money is fun, and you don't mind the extra cost, do it. On the other hand, the authors are saying that if you want to experience worry-free investment success, save yourself all that wasted time and money and make the most out of your short life. At the very least, you'll save not just your money but some precious time and talent to give to those in need. Paradoxically, the person who stands to profit most, is the giver. That's when capitalism begins to run with, instead of against, the tenets of the world's major religions, including Christianity.
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