Wow, I really wanted to shake hands with the author - Daniel Solin!
Mr. Solin is an arbitration lawyer and a Registered Investment Advisor, but he is really against the overall financial "advisor" group as he views, correctly, most of them are financial "salesmen or saleswomen" rather than "advisors".
This books is an easy read for people with little financial knowledge or just starting out in the investing world. It delivers the messages in simple language without tons of charts or numbers. Yet its messages are very powerful -
- Be on the side of the smart money, don't be fooled by marketing gimmicks or media sensations.
- Be consistent year after year, investing in low cost index ETF funds.
- In this way, you will be rewards by the market as you will go with the market, in a very relaxed way.
In this book, Mr. Solin also includes some questionnaires to help the readers to develop the right asset allocation which makes ideas from this book very actionable.
I found it incredible as Mr. Solin's ideas are exactly what I advocate, no more, no less. I am happy I am not alone, as I am on the smart money side.
By the way, this book also shows who are the smart money investors and how large is the smart money, you will find many well known names, including Warren Buffet, you may wonder, isn't Mr. Buffet a great stock picker? How come he becomes an index investment advocate? You need to read the book to find out the answer.
I want to mention a few things I am not happy with this book:
1. Lack of solid numbers and reference sources. As a number guy, naturally I want to see lots and lots of numbers, but I understand this book is not intended for people like me
2. The questionnaire leaves room to improve. I found its questionnaires too simple and lack of enough theoretical support. That's why at PFwise.com we will introduce a more systematic approach to help people determine the optimal asset allocation.
All in all, it's a great book to read, and I have to agree, if you read this book, you don't ever need to read any other books, because you will have a very solid financial future if you follow the ideas laid out by this book.
I believe you can borrow this book from most local public library. But it's good to keep it at hand as the only investment book you will ever need, it's worth the $12 investment.
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