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The Smartest Investment Book You'll Ever Read: The Proven Way to Beat the "Pros" and Take Control of Your Financial Future, by Daniel R. S
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What Are You Waiting For?
This book will change the way you think about investing-and the results will prove it!
"This is the simple hands-on, how-to and why book many readers have been looking for."
-Scott Burns, syndicated columnist
Daniel Solin cuts through the financial hype to show you exactly how to invest-with an easy-to-follow four-step plan that lets you create and monitor your investment portfolio in ninety minutes or less...and put your investment earnings in the top 5 percent of all professionally managed money.
If you want to gamble, go to Las Vegas-or try stock picking and market timing. If you want to be a Smart Investor, follow this effortless and effective plan.
"The Smartest Investment Book You'll Ever Read will provide the enlightenment and gumption to free yourself from the clutches of the investment industry and the wisdom and direction necessary to get yourself back on track."
-William Bernstein, author of A Splendid Exchange and The Four Pillars of Investing
Every day you wait costs you money. Take control of your financial future now!
- Sales Rank: #80641 in Books
- Published on: 2009-12-23
- Released on: 2009-12-23
- Original language: English
- Number of items: 1
- Dimensions: 8.25" h x .52" w x 5.47" l, .36 pounds
- Binding: Paperback
- 192 pages
Review
"It's so simple. It almost seems counterintuitive," Solin said. And after a 26-minute conversation with Solin, Metro--now armed with a new investment strategy-actually agreed. -- Metro New York, November 6, 2006
A no-nonsense, no-fuss guide for investors of all experience levels and financial resources. -- Kirkus Reviews, November 1, 2006
I just finished a great little book (I say little because it's a bit smaller than a regular book in size and is only 150 pages), but it's full of great investment advice, principles, data, facts, studies --you name it. The book is The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals. -- FreeMoneyFinance.com
Is this, as the title claims, the smartest investment book you'll ever read? ..... I can say it's the smartest so far. -- ConsumerismCommentary.com
It's tightly written, always on-point and not weighed down with anecdotes and aphorisms, and could be just the instruction book that you were looking for, but never received with that thick pension package from your company's HR department. -- Miami Herald, November 27, 2006
Solin does a great job of keeping his advice simple; his guide can be read...in a couple of hours. -- Library Journal
[Solin's] recommendations are sound and simple to put into effect... it is clear he is on to something. -- The New York Times, October 8, 2006
About the Author
Dan Solin, an Investment Advisor Representative and nationally known advocate for investors, is the author of The Smartest Retirement Book You’ll Ever Read, Does Your Broker Owe You Money?, and the New York Times bestsellers The Smartest Investment Book You’ll Ever Readand The Smartest 401(k) Book You’ll Ever Read. His award-winning books have been widely praised by The New York Times, The Wall Street Journal, The Library Journal, and many financial writers, leading economists, and others.
Solin is a financial columnist for AOL. His advice appears frequently on its Welcome Screen where it is viewed by millions of readers. He is also one of the most popular financial bloggers on The Huffington Post. A frequent guest on national television and radio shows, Solin has addressed professional organizations of accountants, advisors and financial planners and has testified before Congress on investor issues.
From AudioFile
The author's single point is that only fools believe they can time the market or consistently predict which stocks will perform well. Experts who do are just lucky and are usually expert only at selling their services (as they hyperactively trade your portfolio to maximize fees). When you invest in index funds containing domestic and international stocks or bonds, your fees are low or nonexistent, your risk is low, and the historical earnings are far from shabby. Solin's message is helped immensely by the businesslike, easy-to-hear narration of Craig Wollman, Though Solin recognizes the skill of stock-picking geniuses like Peter Lynch and Warren Buffett, his argument is that most individual investing experts are not that smart and are not to be trusted if they say they are. T.W. � AudioFile 2007, Portland, Maine-- Copyright � AudioFile, Portland, Maine
Most helpful customer reviews
138 of 147 people found the following review helpful.
Simple Lifetime Investing Approach That Works
By L. Masonson
Daniel Solin, a securities arbitration lawyer, has penned a short and sweet book on investing for all types of investors. The author's four-step investment strategy is one that is well known and has been espoused by many market veterans (especially John Bogle, the inventor of the first index fund at Vanguard) and the financial media (selected magazine articles and selected investing books) for years.
Solin recommends that investors follow four steps with their investments to beat the vast majority of professionals:
1. Determine your asset allocation based upon your personal parameters (Note: author provides a multi-page asset allocation questionnaire to determine a specific score for each individual's circumstances and risk tolerance).
2. Open an account with Fidelity Investments, Vanguard or T. Rowe Price.
3. Set up your portfolio among three specific no-load, low internal expense index funds in any of the three fund families representing the total U.S. stock market, international market, and U.S. bond market, or purchase three specific similar in composition ETFs.
4. Rebalance the portfolio twice a year.
The author provides readers with a specific percentage of dollars to be invested in each fund or ETF depending upon the investor's risk tolerance. In an appendix, he provides the historical returns of these portfolios for the four risk combinations (e.g., 20% equities/80% bonds, 40%/60%. 60%/40%and 80%/20%).
He appropriately warns investors about hedge funds, house funds, margin, B and C mutual fund shares, and other concerns that result in higher costs and lower returns. With the advent of the Internet, investment scams have proliferated and investors need to be exceedingly careful with their money.
While most of the author's points are on solid ground, I take issue with his chapter titled "Nobody Can Time the Market." The author mentions that market timing is nothing but a shell game, and that no one can consistently predict the market's direction. I find that assertion not credible. The main goal of market timing is to reduce risk, not beat the market. The key to investment success is to look at risk-adjusted returns, since bear markets can devastate portfolios and take many years to recover. The Hulbert Financial Digest, an independent and authoritative rating service, tracks stock and mutual fund newsletter writers, as well as market timers. The digest provides data on specific market timers that have beat the market on a risk-adjusted basis for the last 10 years or more. So yes, there are successful market timers contrary to the author's assertion.
Solin's basic premise is that most investors with less than $1 million in investible assets do not need the help of investment advisors and brokers, since their assistance does not translate into improved returns over the long term. Therefore, why pay them commissions and fees when they offer no value-added. Wealthy investors may benefit from the more complicated investment strategies offered by advisers.
Overall, the author does a credible job of providing investors with the basics of a solid investment plan and how to put together a viable low-cost portfolio that will appreciate over time. This is a quick read and will take about an hour or two to get through. After that, it is up to the reader to take action, and that may be the biggest stumbling block to his/her future investment success.
25 of 26 people found the following review helpful.
The Smart Way to Invest... Index Funds...
By Trevor J. Flannigan
The book I read this week was The Smartest Investment Book You'll Ever Read by Daniel R. Solin. I loved it. Fantastic ideas that follow my personal investing philosophies.
Solin's book has four sections although I feel like there were really two main ideas. One, that index funds are a more solid investment strategy than stocks or mutual funds because you cannot, nor any "professionals," beat the market. And Two, how to invest in the index funds (the fun part.) Solin provides solid research that shows results of many studys. All evidence points towards using index funds. "Financial Experts" and Wall Street have spent lots and lots of money on marketing themselves. They pitch themselves as having a financial expertise that helps them predict the market. This is false. Marketing dollars have also gone into telling the public that mutual funds will provide a great return because of the diversity and that they are being maintained by a "financial expert" that can beat the market with their expertise. This is also false.
The Truth: You can make just as much or more money than any "financial expert" and you can do this by avoiding mutual funds and investing in index funds.
There are just a couple differences between index funds and mutual funds, but the differences make a huge difference. A mutual fund is managed by a person, this person is supposed to be able to predict what stocks and bonds will rise and fall, so they buy and sell to appropriately position the fund to make high returns... you pay a premium expense to have this "luxury." An index fund is managed by a computer and the computer buys and sells stocks to position the fund in line with the right ratio of the market. This means the index fund will always earn the market average. Now for the great news and another difference.... Mutual funds earn less than the market average 95% of the time. So you have a 5% chance to have a mutual fund that does better than a index fund. Additionally, many mutual funds have an expense ratio of about 1.4% whereas an index fund has an average expense ratio of .3%. So if that mutual fund does beat the market by a whole percent, which is very unlikely to begin with (5%), you would make more money if you had invested in the index fund. Why would you pay a premium to lose money? Great question... You shouldn't.
The book also analyzes the differences between the Smart Investor and the Hyperactive Investor. The Hyperactive investor is the "financial expert"- They spend all day every day trying to beat the market. This is very unlikely, very few individuals have been able to beat the market for an extended period of time. One of these people is Warren Buffet and it is unlikely that he is your financial adviser. The Smart Investor understands that you can not beat the market and also understands that in the long-term, the market makes great returns (9-12%). So this Smart Investor puts his money into index fund which pay the market average. Being a Hyperactive Investor is a great way to spend a lot of time getting no where... I am not a fan.
Can you do it yourself? Yes!
I am confident saying that anyone investing less than one million dollars can do so themselves, with very little oversight (checking in every 6 months or so). Now onto the what, how, and where... I am going to spell it out for you so read carefully. There is a rule of thumb for the ratio someone should use when they are going to be investing. Take your age and subtract it from 100 and that is what you invest in stocks vs. bonds. So if you are 30 years old you will invest 70% in stocks and 30% in bonds. I will use a 30 year old for the example below and we will use what Solin considers the Medium to High risk investor.
Here is your how-to... Write it down if you have to...
First go to either Fidelity or Vanguard and create an account ([...] or [...]) Both companies handle taxable or tax-favored accounts (IRAs and Roths) and both offer funds that have as low as a $3,000 minimum investment. Once you have your account use your ratio and purchase accordingly into these funds
30 year old =
Fidelity-
52% FSTMX
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